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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Thursday, 30 April 2020 The Fed has essentially put further policy adjustments on hold as it shifts toward monitoring conditions.
During this phase, Fed Chair Jerome Powell made clear the limits on further Fed policy actions but
noted the FOMC’s preparedness, if not the likelihood, that it will adjust existing programs as needed.
Overall, it was rather uneventful as there were no new policy measures, no material change in guidance
Quek Ser Leang
Quek.SerLeang@uobgroup.com and no fresh forecast leanings, for now. In essence, the Fed is taking a breather to monitor conditions
including the shift toward reopening parts of the economy and the possible future path of the COVID-
Lee Sue Ann 19 virus.
Lee.SueAnn@uobgroup.com
Wednesday’s rally on Wall Street was sparked by hopes of a COVID-19 treatment and FOMC Chair
Powell’s reassurances that the Fed is in no hurry to pare back its monetary stimulus. The CBOE volatility
Index (VIX) or “fear index” eased to 31.23 (from 33.57 previously). US Treasury yields moved in mixed
directions on Wednesday as the Fed repeated its vow to use every tool in its toolbox to rescue the
economy. The US dollar weakened against the major currencies on Wednesday. The US Dollar index
(DXY) slipped lower by 0.3% to 99.565 (from previous close of 99.865), but held above a two-week low
of 99.44 reached on Tuesday.
The key US data on Thursday will include March PCE and core PCE, personal income and spending,
1Q20 employment cost and more importantly, the US initial jobless claims. Over the past five weeks,
US recorded 26.45mn jobless claims, exceeding the 22.442mn jobs created from November 2009 till
February 2020. We expect 5mn claims (from the 4.4mn claims reported on 23 April, whilst Bloomberg
estimate is at 3.5mn). Attention will also stay on the US corporate earnings calendar with several S&P
500 companies reporting.
EUR/USD ended Wednesday’s NY session higher at 1.0873 (from 1.082) whilst GBP/USD closed at
1.2469 (from 1.2426). AUD and the NZD continued to appreciate against the dollar with the AUD/USD
ending higher at 0.6557 (from 0.6491) and the NZD/USD up at 0.6133 (from 0.6056).
The European Central Bank (ECB) will announce its monetary policy decision later tonight (7.45pm
SGT). The meeting is likely to be dominated by discussion of possible expansion of the Pandemic
Emergency Purchase Programme (PEPP) and an extension of the range of assets eligible for purchase.
Under existing facilities, the ECB is buying about EUR 6bn in government debt daily, but more will need
to be done to cover sovereign issuanceacross the Eurozone over the remainder of 2020. Meanwhile,
the PEPP was announced on 18 March with a well of up to EUR 750bn to purchase sovereign debt and
private assets until end-2020 or “until the COVID-19 crisis phase is over”.
JPY continued to strengthen against the dollar amidst thin liquidity with Japan on holiday on Wednesday.
USD/JPY settled lower at 106.68 (from 106.87). This morning, Japanese March retail sales declined -
4.5% m/m, -4.6% y/y, whilst industrial production also fell -3.7% m/m, -5.2% y/y in March. Note that
there will be mor Japanese month-end data due later this afternoon, including vehicle production,
housing starts, construction orders and April consumer confidence index.
Asian currencies were an oasis of calm with relatively little change across yesterday. USD/CNY
continued to consolidate below 7.08 as PBoC continued to keep the central parity fixing rate relatively
unchanged at the 7.07 handle. The USD/KRW continued its consolidation under 1,220. Similarly,
USD/THB and USD/MYR ranged in quiet trade under 32.50 and 4.35 respectively. However, it was
noticed that both the IDR and SGD were stronger, pushing USD/IDR lower from 15,400 to 15,300 and
USD/SGD lower from 1.4180 to 1.4120.
FX Insights
Thursday, 30 April 2020
1|P a g eThe Asian economic docket picks up today. Taiwan will release its 1Q GDP. We currently expect Taiwan
GDP to grow by +0.9% y/y in 1Q20 and this is a big step back from 4Q19’s very strong +3.3% y/y growth.
Thereafter, the economy may still see contractions in the second and third quarter of 2020 by -2.0% y/y
and -0.8% y/y respectively. Singapore will also release money supply figures for March, whilst Thailand
will release its entire suite of trade, export and import data for the month of March as well. Earlier, the
Caixin/Markit manufacturing PMI for China’s factory activities in April came in at 49.4. Meanwhile, the
official manufacturing PMI came in at 50.8 for the month of April.
Recent publications:
29 Apr 20: Indonesia: Quantifying The Financing Needs For Higher Fiscal Spending
29 Apr 20: Singapore: A Softer Labour Market Is Expected Into 2020
27 Apr 20: Japan BOJ April 2020 MPM: Expanding Stimulus To Combat COVID-19 Impact
24 Apr 20: Singapore: An Unexpected Surge In Manufacturing Momentum, But Can It Last?
FX Insights
Thursday, 30 April 2020
2|P a g eUSD/SGD: 1.4115
24-HOUR VIEW
USD could dip below the major 1.4090 support; for today, the next support at 1.4050 is not expected to come into the picture.
Yesterday, we expected USD “to drift lower” but held the view that “the month-to-date low at 1.4123 is unlikely to come into the picture”.
The subsequent weakness exceeded our expectation as USD dropped to 1.4113 before ending the day on a soft note at 1.4114 (-0.40%).
While oversold, the current weakness has scope to dip below the major support at 1.4090. For today, the next support at 1.4050 is not
expected to come into the picture. Resistance is at 1.4135 followed by 1.4165.
1-3 WEEKS VIEW
Break of 1.4090 would shift the focus to the key support level at 1.4050.
We highlighted yesterday (29 Apr, spot at 1.4165) that USD “is expected to trade with a downward bias towards the major support at
1.4090”. While our view was not wrong, the rapid pace by which USD moved towards 1.4090 (low of 1.4113 yesterday) was not exactly
expected. From here, a break of 1.4090 would shift the focus to the key support level at 1.4050 (this is a crucial level, see 1-3 months
update below). All in, USD has to move above 1.4210 (‘strong resistance’ level was at 1.4260 yesterday) in order to indicate that the current
downward pressure has eased.
1-3 MONTHS VIEW
Pull-back from 1.4646 appears to be correction but USD/SGD is approaching a confluence of key supports at 1.4050 (dated 29 Apr 2020)
Read more
LEVELS
Ranges 29 Apr 2020 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.4090 R1: 1.4165
1.4170 1.4170 1.4113 1.4114 -0.40% -1.18% -1.22% +4.90%
S2: 1.4050 R2: 1.4210
FX Insights
Thursday, 30 April 2020
3|P a g eEUR/USD: 1.0865
24-HOUR VIEW
EUR could edge higher within an overall range of 1.0820/1.0900.
EUR traded between 1.0816 and 1.0885 yesterday, higher than our expected range of 1.0790/1.0870. Despite the relatively firm daily
closing in NY (1.0873, +0.51%), upward momentum has not improved by much. For today, EUR could edge higher but any advance is
viewed as part of 1.0820/1.0900 range (a sustained advance above 1.0900 is not expected).
1-3 WEEKS VIEW
Outlook remains mixed; EUR could trade between 1.0725 and 1.0940 for a while more.
No change in view from Tuesday (28 Apr), see reproduced update below.
We have held the same view since 16 Apr (spot at 1.0890) wherein “the outlook is mixed” and EUR could “continue to trade in an undecided
manner within a broad 1.0750/1.1000 range for a period”. When EUR moved towards the bottom of our expected range at 1.0750, we
indicated last Friday (24 Apr, spot at 1.0780) that only “a NY closing below 1.0720 would suggest EUR could weaken further to 1.0635”.
EUR subsequently dipped to 1.0725 before staging a robust rebound. Downward pressure has eased and the outlook for EUR remains
mixed for now. From here, EUR could continue to trade in an undecided manner and a 1.0725/1.0940 range is likely wide enough to contain
the movement in EUR for a while more.
1-3 MONTHS VIEW
The February 2020 low of 1.0775 could be a major bottom; break of 1.1400 could lead to further EUR/USD strength towards 1.1640
(dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0820 R1: 1.0900
1.0831 1.0885 1.0816 1.0873 +0.51% +0.47% -2.40% -3.01%
S2: 1.0725 R2: 1.0940
FX Insights
Thursday, 30 April 2020
4|P a g eGBP/USD: 1.2450
24-HOUR VIEW
GBP could consolidate and trade between 1.2385 and 1.2490.
Our view for GBP yesterday was that it “could consolidate and trade between 1.2390 and 1.2500”. GBP subsequently registered a
narrower range than expected (1.2391/1.2485). The outlook remains mixed and GBP could continue to consolidate from here. Expected
range for today, 1.2385/1.2490.
1-3 WEEKS VIEW
Outlook is mildly positive; GBP could edge higher to 1.2535.
No change in view from Tuesday, see reproduced update below. However, the ‘strong support’ level has moved higher to 1.2350 from
1.2320.
We highlighted last Friday that “the odds for a lower GBP have diminished”. After trading in a quiet manner for a couple of days, GBP took
out the 1.2400 ‘strong resistance’ and soared to a high of 1.2455 yesterday (27 Apr). The tentative pick-up in momentum suggests GBP
could edge higher from here but GBP has to crack 1.2535 before a stronger and more sustained advance can be expected. Overall, the
outlook for GBP is viewed as mildly positive as long as it does not move below 1.2320 within these few days.
1-3 MONTHS VIEW
GBP/USD has moved into a correction phase and is likely to edge lower towards 1.2550 (dated 06 Mar 2020). Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2385 R1: 1.2490
1.2439 1.2485 1.2391 1.2469 +0.38% +1.11% +0.21% -5.99%
S2: 1.2350 R2: 1.2535
FX Insights
Thursday, 30 April 2020
5|P a g eAUD/USD: 0.6540
24-HOUR VIEW
AUD is likely to consolidate and trade between 0.6500/0.6560.
We highlighted yesterday the “advance in AUD is overbought but there is room for further gains to 0.6545”. We added, “the next resistance
at 0.6580 is unlikely to come into the picture”. AUD subsequent rose to a high of 0.6558 during NY hours. Upward momentum is beginning
to show sign of ‘tiring’ and this coupled with overbought conditions suggest 0.6580 could remain unchallenged for today. That said, it is
too early to expect a sustained pull-back. For today, AUD is more likely to consolidate and trade between 0.6500 and 0.6560.
1-3 WEEKS VIEW
AUD is expected to strengthen towards 0.6580.
No change in view from yesterday, see reproduced update below. However, the ‘strong support’ level has moved higher to 0.6450 from
0.6410.
Yesterday, we held the view that “a NY closing above 0.6490 would suggest further AUD strength towards 0.6580”. AUD subsequently
soared to 0.6514 before ending the day at 0.6493 (+0.45%). While overbought short-term conditions could slow the pace any advance,
AUD is likely to strengthen further towards 0.6580. Only a breach of 0.6410 (‘strong support’ level was at 0.6360 yesterday) would indicate
that the current upward pressure has eased.
1-3 MONTHS VIEW
AUD/USD is likely to ‘lick its wounds’ and trade sideways at these depressed levels, roughly between 0.6400 and 0.6900 (dated 06 Mar
2020) Read More.
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6500 R1: 0.6560
0.6496 0.6558 0.6486 0.6557 +0.99% +3.72% +6.30% -6.55%
S2: 0.6450 R2: 0.6580
FX Insights
Thursday, 30 April 2020
6|P a g eNZD/USD: 0.6120
24-HOUR VIEW
NZD is likely to consolidate and trade within a 0.6080/0.6145 range.
We expected NZD to strengthen yesterday but were of the view that “the month-to-date high at 0.6131 is likely out of reach”. However,
NZD managed to edge a couple of pips above the month-to-high and touched 0.6133. Conditions remain overbought and for today, NZD
is unlikely to strengthen much further. In other words, NZD is likely to take a break and consolidate at these higher levels. Expected range
for today, 0.6080/0.6145.
1-3 WEEKS VIEW
NZD is likely to advance towards 0.6180.
We highlighted yesterday that NZD “has to break the month-to-date high at 0.6131 before further sustained advance towards 0.6180 can
be expected”. While NZD only edged two pips above 0.6131, the subsequent strong daily closing in NY (0.6132, +1.20%) suggests NZD
could advance towards 0.6180 in the coming days. Only a breach of 0.6020 (no change in ‘strong support’ level) would indicate that the
current upward pressure has eased.
1-3 MONTHS VIEW
NZD/USD is still under pressure but a break of the 2015 low of 0.6000 would come as a surprise (dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6080 R1: 0.6145
0.6059 0.6133 0.6051 0.6132 +1.20% +2.99% +1.49% -8.87%
S2: 0.6020 R2: 0.6180
FX Insights
Thursday, 30 April 2020
7|P a g eUSD/JPY: 106.70
24-HOUR VIEW
USD is likely to consolidate within a 106.30/107.05 range.
We highlighted yesterday that “barring a move above 107.05, USD is expected to weaken to 106.25”. While USD declined as expected,
it recovered quickly after touching 106.34. Downward momentum has eased and USD has likely moved into a consolidation phase. From
here, USD could edge slightly higher but is expected to stay within a 106.30/107.05 range.
1-3 WEEKS VIEW
USD is likely to weaken to 106.00.
No change in view from yesterday, see reproduced update below.
While we noted yesterday (28 Apr, spot at 107.30) that “downward momentum is beginning to pick-up”, we held the view that “it is too early
to expect a sustained decline in USD”. We highlighted that “only a NY closing below 106.70 would indicate that USD is ready to move to
106.00”. USD subsequently dropped to 106.54 before ending the day at 106.86. While the NY closing is not as weak as preferred, the price
action suggests USD is likely to weaken to 106.00. Only a breach of the ‘strong resistance’ at 107.35 would indicate that our view is wrong.
1-3 MONTHS VIEW
USD/JPY is likely attracted by the major long-term support at 104.45/104.55 (dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 106.30 R1: 107.05
106.85 106.89 106.34 106.70 -0.15% -0.95% -1.10% -1.76%
S2: 106.00 R2: 107.35
FX Insights
Thursday, 30 April 2020
8|P a g eUSD/CNH: 7.0730
24-HOUR VIEW
USD could break 7.0650 and weaken further to 7.0550.
Yesterday, we held the view that “a break of the 7.0759 low could lead to a drop in USD towards 7.0650”. While USD took out 7.0759, the
subsequent weakness fell short of our expectation (overnight low of 7.0710). The underlying tone remains weak and from here, barring a
move above 7.0850, USD could break 7.0650 and weaken further to 7.0550.
1-3 WEEKS VIEW
Downside risk in USD is beginning to increase; break of 7.0650 would improve the prospect of USD moving towards 7.0370.
USD traded in a relatively quiet manner over the past few days and there is not much to add to our update from Monday (27 Apr, spot at
7.0850). As highlighted, the underlying tone in USD is weak and the downside risk is increasing. That said, only a break of 7.0650 would
improve the chance of USD moving towards 7.0370. The prospect for such a scenario appears to be quite high unless USD moves above
7.0980 (‘strong resistance’ level previously at 7.1030).
1-3 MONTHS VIEW
Bias is for USD/CNH to move lower towards 6.8460, possibly as low as 6.8170 (dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 7.0650 R1: 7.0850
7.0844 7.0900 7.0710 7.0735 -0.23% -0.40% -0.18% +1.62%
S2: 7.0450 R2: 7.0980
FX Insights
Thursday, 30 April 2020
9|P a g eEUR/SGD: 1.5335
24-HOUR VIEW
EUR is likely to consolidate and trade between 1.5300 and 1.5380.
We highlighted yesterday the risk for EUR “is tilted to the downside towards 1.5300”. We added, “a clear break of this level is not high”.
EUR subsequently dropped to 1.5311 before trading mostly sideways. Downward pressure has eased somewhat and for today, EUR is
likely to consolidate and trade between 1.5300 and 1.5380.
1-3 WEEKS VIEW
EUR could weaken further to 1.5250.
No change in view from yesterday, see reproduced update below.
After dropping to a low of 1.5288 last Friday (24 Apr), EUR has not been able to make much headway on the downside. Downward
momentum has eased somewhat but for now, we are holding to our view that EUR could weaken further to 1.5250. Only a move above
1.5450 (no change in ‘strong resistance’ level) would indicate that the current downward pressure has dissipated.
1-3 MONTHS VIEW
2-year down trend has likely bottomed out. EUR/SGD could strengthen further 1.5730, possibly 1.5840 (dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.5300 R1: 1.5380
1.5344 1.5373 1.5311 1.5347 +0.12% -0.61% -3.45% +1.83%
S2: 1.5250 R2: 1.5450
FX Insights
Thursday, 30 April 2020
10 | P a g eGBP/SGD: 1.7590
24-HOUR VIEW
GBP could test the strong support at 1.7500.
Our expectation for GBP to “trade sideways” yesterday was wrong as it dropped to 1.7516 before rebounding quickly. Despite the rapid
bounce, the underlying tone remains weak and GBP could test the strong support at 1.7500. That said, a sustained decline below this
level is unlikely. On the upside, only a move above 1.7660 would indicate the current mild downward pressure has eased.
1-3 WEEKS VIEW
GBP is likely to trade sideways for a period.
No change in view from yesterday, see reproduced update below.
After trading in a quiet manner for several days, GBP edged briefly above our ‘strong resistance’ level at 1.7700 (high of 1.7721). As
highlighted in recent updates, a breach of the ‘strong resistance’ would indicate the mild downward pressure has eased. From here, the
outlook is mixed and GBP is likely to consolidate and trade sideways for a period, likely between 1.7500 and 1.7800.
1-3 MONTHS VIEW
GBP/SGD is still in a consolidation phase but the downside risk has increased (dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.7500 R1: 1.7660
1.7617 1.7660 1.7518 1.7597 -0.01% +0.01% -0.98% -1.34%
S2: 1.7415 R2: 1.7800
FX Insights
Thursday, 30 April 2020
11 | P a g eAUD/SGD: 0.9230
24-HOUR VIEW
AUD is likely to consolidate and trade between 0.9200 and 0.9265.
Our expectation for AUD yesterday was that it “could advance further but gains could be limited to a test of 0.9255”. Our view was not
wrong as AUD rose to 0.9255. Conditions remain severely overbought and with upward momentum showing sign of ‘tiring’, further
sustained advance in AUD appears unlikely. For today, AUD is more likely to consolidate and trade between 0.9200 and 0.9265.
w
1-3 WEEKS VIEW
AUD could advance further to 0.9290.
No change in view from yesterday, see reproduced update below. However, the ‘strong support’ level has moved higher to 0.9150 from
0.9135.
While we highlighted two days ago (27 Apr, spot at 0.9130) that “upward momentum has improved”, we held the view that AUD “has to
close above 0.9170 before a sustained advance can be expected”. AUD rose to 0.9222 yesterday (28 Apr) before closing at 0.9193. From
here, AUD could advance further to 0.9290. Only a breach of the ‘strong support’ level 0.9135 would indicate that the current upward
pressure has eased.
1-3 MONTHS VIEW
Down-trend that started in 2017 has reached extreme oversold levels. Probability of AUD/SGD breaking above the top of downward
channel first is higher (dated 06 Mar 2020) Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.9200 R1: 0.9265
0.9203 0.9255 0.9185 0.9252 +0.61% +2.55% +5.18% -1.98%
S2: 0.9150 R2: 0.9290
FX Insights
Thursday, 30 April 2020
12 | P a g eJPY/SGD: 1.3235
24-HOUR VIEW
JPY could drift lower to towards 1.3170.
As expected, JPY traded sideways yesterday, albeit at a narrower range than anticipated. The subsequent daily closing in NY (1.3226, -
0.23%) is on the soft side and the bias for today is tilted to the downside. From her, barring a move above 1.3275, JPY could drift lower
towards the 1.3170 support.
1-3 WEEKS VIEW
JPY is expected to trade between 1.3050 and 1.3350 for now.
No change in view from Monday, see reproduced update below.
JPY traded in a relatively quiet manner over the past several days. The price action offers no fresh clues and for now, we continue to hold
the view that is trading within a broad 1.3050/1.3350 range for now.
1-3 MONTHS VIEW
Impulsive upward momentum could carry JPY/SGD higher to 1.3240, possibly as high as the 2019 peak of 1.3325 (dated 06 Mar 2020)
Read more
LEVELS
Ranges 29 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3170 R1: 1.3320
1.3256 1.3290 1.3221 1.3226 -0.23% -0.10% +0.04% +6.88%
S2: 1.3050 R2: 1.3350
FX Insights
Thursday, 30 April 2020
13 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 2Q20 3Q20 4Q20 1Q21 Rates Outlook 2Q20 3Q20 4Q20 1Q21
EUR/USD 1.05 1.08 1.10 1.12 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.15 1.17 1.20 1.20 UK 0.10% 0.10% 0.10% 0.10%
AUD/USD 0.56 0.58 0.60 0.62 AU 0.25% 0.25% 0.25% 0.25%
NZD/USD 0.56 0.58 0.61 0.63 NZ 0.25% 0.25% 0.25% 0.25%
USD/JPY 112 114 112 109 JP -0.10% -0.20% -0.20% -0.20%
USD/SGD 1.48 1.50 1.48 1.45 SG (3M SOR) 0.85% 0.70% 0.50% 0.50%
USD/MYR 4.50 4.55 4.45 4.40 MY 2.00% 2.00% 2.00% 2.00%
USD/THB 33.30 34.00 33.50 33.00 TH 0.50% 0.25% 0.25% 0.25%
3.65% 3.55% 3.55% 3.55%
USD/CNY 7.20 7.25 7.10 7.00 CN1
3.80% 3.80% 3.80% 3.80%
USD/IDR 16900 17300 16500 16000 ID 4.25% 4.25% 4.25% 4.25%
USD/PHP 52.00 52.50 51.50 50.00 PH 2.75% 2.75% 2.75% 2.75%
USD/INR 77 78 79 80 IN 4.65% 4.65% 4.65% 4.65%
USD/TWD 30.60 31.00 30.50 30.00 TW 1.13% 1.13% 1.13% 1.13%
USD/HKD 7.76 7.78 7.80 7.80 HK 0.86% 0.86% 0.86% 0.86%
USD/KRW 1280 1300 1250 1220 KR 0.50% 0.50% 0.50% 0.50%
US 0.25% 0.25% 0.25% 0.25%
Last updated on 26 Mar 20: Quarterly Global Outlook 2Q 2020
1
Updated on 20 Apr 20: China: LPR Moves Lower In Line With MLF Cut
Central Bank Meetings 2020
Central Bank Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Federal Reserve (FOMC) 29 - 18* 29 - 10* 29 - 16* - 05 16*
European Central Bank (ECB) 23 - 12 30 - 04 16 - 10 29 - 10
Bank of England (BOE) 30# - 26 - 07# 18 - 06# 17 - 05# 17
Reserve Bank of Australia (RBA) - 04 03 07 05 02 07 04 01 06 03 01
Reserve Bank of New Zealand (RBNZ) - 12^ 25 - 13^ 24 - 12^ 23 - 11^ -
Bank of Japan (BOJ) 21** - 19 27** - 16 22** - 17 29** - 18**
Monetary Authority of Singapore (MAS) - - 30 - - - - - - tba - -
Bank Negara Malaysia (BNM) 22 - 03 - 05 - 07 - 10 - 03 -
Bank of Thailand (BOT) - 05 25 - 20 24 - 05 23 - 18 23
Bank Indonesia (BI) 23 20 19 14 19 20 18 22 19 24 21 19
Bangko Sentral ng Pilipinas (BSP) - 06 19 16 - 25 - 20 - 01 19 17
Bank of Korea (BOK) 17 27 - 09 28 - 16 27 - 14 26 -
Taiwan Central Bank (CBC) - - 19 - - 18 - - 17 - - 17
Reserve Bank of India (RBI) - 06 27 - - tba - tba - tba - tba
*Meetings associated with a Summary of Economic Projections.
#
Meetings associated with release of Monetary Policy Report.
^Meetings associated with release of Monetary Policy Statement.
**Meetings associated with release of Outlook Report.
FX Insights
Thursday, 30 April 2020
14 | P a g eDisclaimer This publication is strictly for informational purposes only and shall not be transmitted, disclosed, copied or relied upon by any person for whatever purpose, and is also not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to its laws or regulations. This publication is not an offer, recommendation, solicitation or advice to buy or sell any investment product/securities/instruments. Nothing in this publication constitutes accounting, legal, regulatory, tax, financial or other advice. Please consult your own professional advisors about the suitability of any investment product/securities/ instruments for your investment objectives, financial situation and particular needs. The information contained in this publication is based on certain assumptions and analysis of publicly available information and reflects prevailing conditions as of the date of the publication. Any opinions, projections and other forward-looking statements regarding future events or performance of, including but not limited to, countries, markets or companies are not necessarily indicative of, and may differ from actual events or results. The views expressed within this publication are solely those of the author’s and are independent of the actual trading positions of United Overseas Bank Limited, its subsidiaries, affiliates, directors, officers and employees (“UOB Group”). Views expressed reflect the author’s judgment as at the date of this publication and are subject to change. UOB Group may have positions or other interests in, and may effect transactions in the securities/instruments mentioned in the publication. UOB Group may have also issued other reports, publications or documents expressing views which are different from those stated in this publication. Although every reasonable care has been taken to ensure the accuracy, completeness and objectivity of the information contained in this publication, UOB Group makes no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability relating to any losses or damages howsoever suffered by any person arising from any reliance on the views expressed or information in this publication. FX Insights Thursday, 30 April 2020 15 | P a g e
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