FX Insights - United Overseas Bank
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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Tuesday, 11 May 2021 US equities ended weaker on the first trading session of the week dragged by the slump in stock prices
of the major tech companies on Monday, while rising commodity prices refocused investors towards
inflation concerns and its impact on the growth rebound. US Treasury yields rose across the curve with
the bigger increases registered at the longer-end. The US dollar was mixed against the major currencies
Quek Ser Leang
Quek.SerLeang@uobgroup.com as commodity prices strengthened while tech stocks led the US major equity indices lower. The US
Dollar index (DXY) ended marginally lower at 90.212 (from the previous close of 90.233).
Lee Sue Ann
Lee.SueAnn@uobgroup.com The euro was weaker after the EUR/USD traded to an intraday high of 1.2178, before retreating lower
in the NY session to 1.2129 (from 1.2166). The yen also depreciated against the dollar and USD/JPY
pair ended the day higher at 108.81 (from 108.60). In comparison, the GBP/USD pair closed markedly
stronger at 1.4118 (from 1.3984), the first above 1.40 close since 25 February. The Aussie fell against
the dollar despite the strengthening commodity prices as the AUD/USD ended lower at 0.7830 (from
0.7844) while the kiwi dollar held firm as the NZD/USD was little changed at 0.7277 (from 0.7278).
Amidst the ongoing weak USD backdrop, both the onshore CNY and offshore CNH stayed strong. As
such USD/CNY fell further from 6.43 to 6.4165, while USD/CNH consolidated just around the 6.42
handle. Elsewhere in North Asia, the KRW played catchup with Asia FX strength and tumbled almost
10 won from 1,122 to 1,113. The TWD also stayed bid after strengthening past 28.0 the previous day,
pushing USD/TWD even lower to 27.80. It’s a similar case of local currency strengthen against the USD
in South East Asia as well. USD/MYR drifted lower from 4.12 to 4.1050, USD/THB dropped from 31.20
to 31.10 and USD/IDR also eased from 14,300 to 14,200. The local currency strength continued
irrespective of the deteriorating COVID-19 outbreak across the region. In Singapore, USD/SGD
consolidated its gains around the 1.3250 level. Overall the Asia Dollar Index (ADXY) stayed strong at
109.30.
After a very light session on Monday, the global economic docket gets busier today, including German
wholesale prices data, Italian March industrial production data, May ZEW surveys for Germany and
Eurozone, the US NFIB small business optimism survey for April, US JOLTS jobs opening data for
March. In Asia, Malaysia is scheduled to release its 1Q21 GDP figures today across lunch. 1Q21 GDP
is expected to show an improvement from 4Q20, but may be discounted as backward looking now that
Malaysia is back in full nationwide Movement Control Order (MCO).
Recent publications:
10 May 21: Malaysia: Foreign Flows Into Bonds Of MYR6.4bn In April
10 May 21: US: A Disappointing 266k Apr Jobs, Spotlight On Stimulus Effect On Jobs
07 May 21: Malaysia: Preview 1Q21 GDP - Narrower Decline Expected
07 May 21: Malaysia: Preview 1Q21 GDP - Narrower Decline Expected
07 May 21: China: Strong External Demand Continues To Drive Positive Outlook
FX Insights
Tuesday, 11 May 2021
1|P a g eUSD/SGD: 1.3260
24-HOUR VIEW
USD is likely to trade sideways within a 1.3245/1.3285 range.
We highlighted yesterday that “the swift and sharp drop appears to be overdone and while USD could weaken further, oversold conditions
suggest that the next support at 1.3200 is likely out of reach”. Our expectation did not materialize as USD traded in a quiet manner
between 1.3234 and 1.3268. The movement is viewed as an on-going consolidation and USD is likely to continue to trade sideways, albeit
at a higher range of 1.3245/1.3285.
1-3 WEEKS VIEW
Risk has shifted to the downside but it is left to be seen if the weakness in USD could extend to 1.3160.
There is not much to add to our update from yesterday (10 May, spot at 1.3245). As highlighted, the risk for USD has shifted to the downside
but it is left to be seen if the weakness in USD could extend to the year-to-date low at 1.3160 (there is another support at 1.3200). Oversold
shorter-term conditions could lead to a couple of days of consolidation first but the downside risk is deemed intact as long as USD does
not move above 1.3330 (no change in ‘strong resistance’ level).
1-3 MONTHS VIEW
Risk has shifted to the downside but it is premature to expect USD/SGD to break the major support near 1.3160. (dated 21 Apr 2021,
1.3270) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3245 R1: 1.3285
1.3243 1.3268 1.3234 1.3262 +0.11% -0.26% -1.16% +0.39%
S2: 1.3200 R2: 1.3330
FX Insights
Tuesday, 11 May 2021
2|P a g eEUR/USD: 1.2140
24-HOUR VIEW
EUR is likely to trade between 1.2110 and 1.2160.
Yesterday, we expected EUR to “consolidate and trade between 1.2110 and 1.2165”. However, EUR rose to 1.2177 before pulling back
(low has been 1.2126). We continue to view the current movement as part of a consolidation even though the slightly weakened underlying
tone suggests EUR is likely to trade within a lower range of 1.2110/1.2160.
1-3 WEEKS VIEW
EUR could move above 1.2200 but the prospect for a rise to 1.2240 is not that high for now.
We continue to hold the same view from yesterday (10 May, spot at 1.2165). As highlighted, after the strong surge in EUR last Friday,
further EUR strength is likely. However, overbought shorter-term conditions could slow the pace of any further advance and while EUR
could move above 1.2200, the prospect for a rise to 1.2240 is not that high for now. Overall, the current EUR strength is deemed intact as
long as it does not move below the ‘strong support’ level at 1.2065 (no change in level’). On a shorter-term note, 1.2110 is already quite a
solid support.
1-3 MONTHS VIEW
Bias for EUR/USD is on the downside but any weakness is expected to encounter solid support at 1.1740. (dated 19 Mar 2021, 1.1970)
Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2110 R1: 1.2165
1.2163 1.2177 1.2126 1.2129 -0.28% +0.56% +1.96% -0.69%
S2: 1.2065 R2: 1.2200
FX Insights
Tuesday, 11 May 2021
3|P a g eGBP/USD: 1.4125
24-HOUR VIEW
Rally is overstretched; any further GBP strength is likely limited to a test of 1.4175.
While our expectation for GBP to strengthen yesterday was correct, our view that “the major resistance at 1.4110 is unlikely to come under
threat” was not as GBP easily blew past 1.4110 (high of 1.4158). The sharp and rapid rally is overstretched but it is not showing signs of
weakness just yet. However, any further GBP strength is likely limited to a test 1.4175. A move to the year-to-date high at 1.4235 would
come as a surprise. On the downside, a breach of 1.4070 would indicate that the current upward pressure has eased (minor support is at
1.4100).
1-3 WEEKS VIEW
GBP is still strong; focus is at the year-to-date high of 1.4235.
We highlighted yesterday that “the strong build-up in momentum suggests further GBP strength”. We added, “the next resistance is at
1.4110”. That said, we did not anticipate the rapid manner by which GBP blast past 1.4110 (GBP surged to 1.4158 during early NY session).
Upward momentum remains strong and the focus has shifted to the year-to-date high of 1.4235. On the downside, a breach of the ‘strong
support’ at 1.4020 (level was at 1.3940 yesterday) would indicate that the current upward pressure has eased.
1-3 MONTHS VIEW
Risk for GBP/USD is tilted to the downside but any corrective pullback is expected to encounter solid support at 1.3530. (dated 19 Mar
2021, 1.3945) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.4070 R1: 1.4175
1.4006 1.4158 1.3999 1.4117 +0.92% +1.50% +3.00% +3.33%
S2: 1.4020 R2: 1.4235
i
FX Insights
Tuesday, 11 May 2021
4|P a g eAUD/USD: 0.7835
24-HOUR VIEW
Pullback in AUD could extend lower but a clear break of 0.7800 is unlikely.
Yesterday, we held the view that “there is room for the rally in AUD to extend but the next major resistance at 0.7905 is unlikely to come
into the picture”. Our view was not wrong as AUD rose to a high 0.7891. The relatively sharp pullback from the high could extend lower
but a clear break of 0.7800 is unlikely (next support is at 0.7765). Resistance is at 0.7865 followed by 0.7890.
1-3 WEEKS VIEW
AUD strength is deemed intact as long as it does breach the strong support at 0.7765.
We highlighted yesterday that “the rapid improvement in momentum is expected to lead to further AUD strength”. We added, “the next
resistance is at 0.7880 followed by 0.7905”. AUD subsequently rose to 0.7891 before pulling back sharply. Despite the sharp pullback, the
current AUD strength is deemed intact as long as it does breach 0.7765 (no change in ‘strong support’ level). Meanwhile, overbought
shorter-term conditions could lead to a couple of days of consolidation.
1-3 MONTHS VIEW
Outlook for AUD/USD is tilted to the downside but any weakness is unlikely to challenge the September 2020 peak at 0.7413. (dated 19
Mar 2021, 0.7810) Read More
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7800 R1: 0.7890
0.7858 0.7891 0.7827 0.7830 -0.20% +0.84% +2.78% +1.78%
S2: 0.7765 R2: 0.7905
FX Insights
Tuesday, 11 May 2021
5|P a g eNZD/USD: 0.7255
24-HOUR VIEW
NZD is likely to trade between 0.7230 and 0.7290.
We highlighted yesterday that “overbought conditions suggest NZD is unlikely to strengthen much further”. We added, “NZD could edge
above 0.7300 but the next major resistance at 0.7330 is not expected to come under threat”. Our view was not wrong as NZD rose to
0.7304 before pulling back sharply. Upward momentum has eased and the current movement is viewed as part of a consolidation. For
today, NZD is likely to trade between 0.7230 and 0.7290.
1-3 WEEKS VIEW
NZD could advance but 0.7330 may not come into the picture so soon.
Our update from yesterday (10 May, spot at 0.7285) still stands. As highlighted, NZD could advance but the major resistance at 0.7330
may not come into the picture so soon. NZD subsequently rose to 0.7304 before pulling back. Overbought shorter-term conditions could
lead to a few days of consolidation first but the overall positive outlook is intact as long as NZD does not break 0.7215 (no change in ‘strong
support’ level).
1-3 MONTHS VIEW
NZD/USD is likely to trade with a downward bias but the 55-week exponential moving average is unlikely to come into the picture (dated
19 Mar 2021, 0.7240) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7230 R1: 0.7290
0.7284 0.7304 0.7262 0.7262 -0.25% +0.86% +3.30% +1.13%
S2: 0.7215 R2: 0.7330
FX Insights
Tuesday, 11 May 2021
6|P a g eUSD/JPY: 108.90
24-HOUR VIEW
USD could edge higher but is not expected to challenge the strong resistance at 109.35.
We highlighted yesterday that “the swift and sharp decline appears to be overdone and USD is unlikely to weaken further” and we expected
USD to “consolidate and trade between 108.40 and 109.10”. Our view was not wrong even though USD traded within a narrower range
than expected (108.45/109.05). The underlying tone has improved somewhat but while USD could edge higher, it is not expected to
challenge the strong resistance level at 109.35 (109.10 is already quite a solid resistance). Support is at 108.75 followed by 108.60.
1-3 WEEKS VIEW
USD is expected to trade with a downward bias but expect strong support at 108.20.
There is not much to add to our update from yesterday (10 May, spot at 108.80). As highlighted, the near-term bias is on the downside but
we are mindful of the strong support at 108.20. This level is followed by another rather strong level at 108.00. All in, the downward bias is
deemed intact as long as USD does not move above 109.35 (‘strong resistance’ level).
1-3 MONTHS VIEW
Strong rally in USD/JPY has more room to run; break of trend-line at 110.00 would not be surprising but the February 2020 peak near
112.20 is likely out of reach within 2Q2021. (dated 19 Mar 2021, 109.00) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 108.60 R1: 109.10
108.67 109.05 108.45 108.78 +0.17% -0.26% -0.79% +5.37%
S2: 108.20 R2: 109.35
FX Insights
Tuesday, 11 May 2021
7|P a g eUSD/CNH: 6.4220
24-HOUR VIEW
USD is likely to consolidate and trade between 6.4100 and 6.4360.
Our expectation for USD to “trade within a broad range of 6.4100/6.4400” yesterday was incorrect as it dropped to 6.4039 before
rebounding quickly. Downward momentum appears to have eased and this coupled oversold condition suggests limited downside risk
from here. For today, USD is more likely to consolidate and trade between 6.4100 and 6.4360.
1-3 WEEKS VIEW
Risk is still on the downside but 6.3980 may not come into the picture so soon.
We continue to hold the same view as from yesterday (10 May, spot at 6.4220). As highlighted, the risk for USD is still clearly on the
downside but in view of the deeply oversold shorter-term conditions, the year-to-date low near 6.3980 may not come into the picture so
soon. The downside risk is deemed intact as long as USD does not move above 6.4640 (no change in ‘strong resistance’ level).
1-3 MONTHS VIEW
Recovery in USD/CNH has plenty of room, both price and time-wise to extend further even though major resistance at 6.6700 could be
but of reach within the second quarter of 2021. (dated 19 Mar 2021, 6.4980) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.4100 R1: 6.4360
6.4167 6.4297 6.4039 6.4226 +0.10% -0.73% -2.05% -1.22%
S2: 6.3980 R2: 6.4640
FX Insights
Tuesday, 11 May 2021
8|P a g eEUR/SGD: 1.6100
24-HOUR VIEW
EUR is expected to trade between 1.6070 and 1.6120.
Our expectation for EUR to “edge upwards to 1.6140” was incorrect as it dropped to an overnight low of 1.6068 before rebounding. The
current movement is viewed as part of a consolidation and for today, EUR is expected to trade between 1.6070 and 1.6120.
1-3 WEEKS VIEW
EUR is expected to trade with an upward bias towards 1.6165.
There is no change to our view from yesterday (10 May, spot at 1.6115). As highlighted, EUR is expected to trade with an upward bias
towards 1.6165. The upward bias is deemed intact as long as EUR does not move below 1.6045 (no change in ‘strong support’ level).
1-3 MONTHS VIEW
EUR/SGD could trade sideways, roughly between the two major levels of 1.5855 and 1.6350. (dated 19 Mar 2021, 1.6030) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.6070 R1: 1.6120
1.6112 1.6129 1.6068 1.6096 -0.10% +0.39% +0.83% -0.22%
S2: 1.6045 R2: 1.6165
FX Insights
Tuesday, 11 May 2021
9|P a g eGBP/SGD: 1.8730
24-HOUR VIEW
Further GBP strength is not ruled out but overbought conditions suggest it is unlikely able to maintain a foothold above 1.8770.
While our expectation for a stronger GBP yesterday was correct, we underestimated its strength as it rocketed to 1.8753 (we were of the
view that 1.8655 is likely out of reach). Further GBP strength is not ruled but deeply overbought conditions suggest that it is unlikely able
to maintain a foothold above the major resistance at 1.8770. The next resistance at 1.8815 is not expected to come into the picture.
Support is at 1.8700 followed by 1.8670.
1-3 WEEKS VIEW
GBP is expected to strengthen further even though 1.8770 and 1.8815 are both solid resistance levels.
We highlighted yesterday (10 May, spot at 1.8600) that “upward momentum has improved further” and that “we see chance for GBP to test
the major resistance at 1.8665”. Our expectation for a stronger GBP was correct but we did not anticipate the rapid manner by which GBP
blast past 1.8665 and surged to 1.8753. From here, GBP is expected to strengthen further even though 1.8770 (year-to-date high) and
1.8815 (high in 2018) are both solid resistance levels. On the downside, a break of 1.8600 (‘strong support’ level was at 1.8510 yesterday)
would indicate that the current strong upward momentum has eased.
1-3 MONTHS VIEW
Overbought rally has room to extend but it is left to be seen if GBP/SGD can maintain a foothold above the 2018 peak of 1.8815. Next
resistance is at 1.9000. (dated 19 Mar 2020, 1.8700) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.8670 R1: 1.8770
1.8546 1.8753 1.8534 1.8734 +1.22% +1.33% +1.90% +3.73%
S2: 1.8600 R2: 1.8815
FX Insights
Tuesday, 11 May 2021
10 | P a g eAUD/SGD: 1.0390
24-HOUR VIEW
Pullback in AUD could extend lower but a clear break of 1.0365 is unlikely.
Yesterday, we held the view that “there is room for AUD to move above 1.0420 but the next major resistance at 1.0450 is not expected to
come into the picture”. Our view for a stronger AUD was not wrong even though it came close to taking out 1.0450 (high of 1.0443). The
relatively sharp pullback from the high could extend lower but a clear break of 1.0365 is unlikely (next support is at 1.0330). Resistance
is at 1.0410 followed by 1.0425.
1-3 WEEKS VIEW
Despite sharp pullback, there is still scope for AUD to move to 1.0450.
We expected AUD to “trade with an upward bias” since last Thursday (06 May, spot at 1.0350). Yesterday (10 May, spot at 1.0405), we
highlighted that “the next resistance above 1.0420 is at 1.0450”. AUD subsequently rose to 1.0443 before pulling back sharply. Despite the
sharp pullback, there is still scope for AUD to move to 1.0450. Only a breach of 1.0330 (no change in ‘strong support’ level) would indicate
that the current AUD strength has run its course. Looking ahead, the next resistance above 1.0450 is at 1.0485.
1-3 MONTHS VIEW
AUD/SGD could strengthen but lackluster momentum suggests odds for a sustained rise above the 2018 peak of 1.0630 are not high.
(dated 19 Mar 2021, 1.0490) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0365 R1: 1.0425
1.0404 1.0443 1.0372 1.0393 +0.05% +0.74% +1.67% +2.26%
S2: 1.0330 R2: 1.0450
FX Insights
Tuesday, 11 May 2021
11 | P a g eJPY/SGD: 1.2180
24-HOUR VIEW
JPY is expected to trade between 1.2160 and 1.2205.
We expected JPY to weaken yesterday but we were of the view that “the major support at 1.2155 is unlikely to come under threat”. Our
expectations were not wrong but JPY came close to taking out 1.2155 (low of 1.2157). Downward pressure appears to have eased and
for today, JPY is expected to trade between 1.2160 and 1.2205.
1-3 WEEKS VIEW
JPY is likely to trade between 1.2155 and 1.2255.
No change in view from yesterday, see reproduced update below.
We have held the same view since last Wednesday (05 May, spot at 1.2200) where we expect JPY to “trade between 1.2155 and 1.2255”.
JPY popped to a high of 1.2247 last Friday but dropped back down quickly. The price actions reinforce our view and we continue to expect
JPY to trade between 1.2155 and 1.2255 for now. Looking ahead, the risk of a break of 1.2155 first is greater but there is another strong
support at 1.2125.
1-3 MONTHS VIEW
JPY/SGD could breach the 2020 low of 1.2200; chance for decline to extend to the 2019 low of 1.2060 is not high. (dated 19 Mar 2021,
1.2330) Read more
LEVELS
Ranges 10 May 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2160 R1: 1.2205
1.2189 1.2208 1.2157 1.2188 -0.06% +0.02% -0.34% -4.71%
S2: 1.2125 R2: 1.2255
FX Insights
Tuesday, 11 May 2021
12 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 2Q21 3Q21 4Q21 1Q22 Rates Outlook 2Q21 3Q21 4Q21 1Q22
EUR/USD 1.21 1.22 1.23 1.23 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.39 1.40 1.41 1.42 UK 0.10% 0.10% 0.10% 0.10%
AUD/USD 0.77 0.78 0.79 0.79 AU 0.10% 0.10% 0.10% 0.10%
NZD/USD 0.72 0.73 0.74 0.74 NZ 0.25% 0.25% 0.25% 0.25%
USD/JPY 109 108 107 107 JP -0.10% -0.10% -0.10% -0.10%
USD/SGD 1.32 1.31 1.30 1.30 SG (3M SOR) 0.25% 0.25% 0.25% 0.25%
USD/MYR 4.10 4.08 4.05 4.05 MY 1.75% 1.75% 1.75% 1.75%
USD/THB 31.50 32.00 32.50 32.50 TH 0.50% 0.50% 0.50% 0.50%
USD/CNY 6.45 6.42 6.40 6.40 CN 3.85% 3.85% 3.85% 3.85%
USD/IDR 14,600 14,700 14,800 14,800 ID 3.50% 3.50% 3.50% 3.75%
USD/PHP 48.50 48.20 48.00 48.00 PH 2.00% 2.00% 2.00% 2.00%
USD/INR 75.00 76.00 76.50 77.00 IN 3.75% 3.75% 3.75% 3.75%
USD/TWD 27.80 27.60 27.50 27.50 TW 1.13% 1.13% 1.13% 1.13%
USD/HKD 7.75 7.75 7.75 7.75 HK 0.50% 0.50% 0.50% 0.50%
USD/KRW 1,100 1,090 1,080 1,080 KR 0.50% 0.50% 0.50% 0.50%
US 0.25% 0.25% 0.25% 0.25%
Last updated on 30 Apr 21: Renminbi's Appeal Brightens As USD Softens Anew
Last updated on 31 Mar 21: Potent Fiscal Forces To Fuel More USD Uncertainty
Last updated on 19 Mar 21: From Reflation Bliss To Inflation Woes
Central Bank Meetings 2021
Central Bank Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Federal Reserve (FOMC) 27 - 17* 28 - 16* 28 - 22* - 03 15*
European Central Bank (ECB) 21 - 11 22 - 06 22 - 09 28 - 16
Bank of England (BOE) - 04# 18 - 06# 24 - 05# 23 - 04# 16
Reserve Bank of Australia (RBA) - 02 02 06 04 01 07 03 07 05 02 07
Reserve Bank of New Zealand (RBNZ) - 24^ - 14 26^ - 14 18^ - 06 24^ -
Bank of Japan (BOJ) 21** - 19 27** - 18 16** - 22 28** - 17**
Monetary Authority of Singapore (MAS) - - - 14 - - - - - tba - -
Bank Negara Malaysia (BNM) 20 - 04 - 06 - 08 - 09 - 03 -
Bank of Thailand (BOT) - 03 24 - 05 23 - 04 29 - 10 22
Bank Indonesia (BI) 23 18 18 20 19 18 16 19 17 13 19 17
Bangko Sentral ng Pilipinas (BSP) - 11 25 - 13 23 - 12 23 - 11 16
Bank of Korea (BOK) 15 25 - 15 27 - 15 26 - 12 25 -
Taiwan Central Bank (CBC) - - 18 - - 17 - - 23 - - 16
Reserve Bank of India (RBI) - 5 - 07 - 4 - 6 - 8 - 8
*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
Tuesday, 11 May 2021
13 | 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 Tuesday, 11 May 2021 14 | P a g e
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