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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Wednesday, 29 April 2020 The Dow snapped a four-day winning streak as a decline in tech shares pressured the broader US
equity market, offsetting the enthusiasm about the prospects of reopening the economy. The US bond
market saw prices higher with yields lower across the curve on Tuesday, as market participants awaited
the latest FOMC decision and Powell’s post-decision press conference. The US Dollar index (DXY)
Quek Ser Leang
Quek.SerLeang@uobgroup.com slipped lower by 0.17% to 99.865 (from previous close of 100.04).
Lee Sue Ann The Federal Reserve in an announcement Monday (27 Apr), under its Municipal Lending Facility, the
Lee.SueAnn@uobgroup.com Fed is buying up to US$500 billion worth of state and local government bonds and that the facility now
will buy debt from counties and states with populations of at least 500,000 and cities with 250,000
residents or more.
Attention later today will be on the US Federal Reserve’s FOMC decision (decision due on 30 Apr, 2am
SGT) and whilst the Fed is expected to keep policy rates unchanged, it could adjust forward guidance
to be more explicit about how long rates will stay low. Meanwhile, the main highlight for the US data
docket is the advance estimate of the 1Q 2020 GDP (29 Apr, Bloomberg Est -3.9%, UOB Est -2.0%,
from 2.1% in 4Q) which is released ahead of the FOMC. The other key US data is the March pending
home sales. Market attention will also stay on the US corporate earnings calendar with more than 35
S&P 500 companies reporting today.
The US dollar weakened against the JPY for the third straight session but was slightly stronger against
the EUR and GBP on Tuesday, ahead of the FOMC and ECB decisions. EUR/USD ended the NY
session lower at 1.082 (from 1.0829) whilst the GBP/USD pair closed at 1.2426 (from 1.2431). The
European data calendar is relatively busier today with Eurozone’s March money supply, various April
confidence surveys for Eurozone, the final print for Eurozone’s April consumer confidence index, March
PPI and wages data for Italy, and the preliminary April CPI data for Germany.
JPY continued to strengthened against the dollar despite the additional BOJ easing earlier this week,
the USD/JPY pair settled lower at 106.87 (from 107.25). Japan markets are closed on Wednesday as
the country celebrates Showa Day. Both the Aussie and the kiwi currencies continued to appreciate
against the dollar with the AUD/USD ending higher at 0.6491 (from 0.6465) and the NZD/USD up at
0.6056 (from 0.6047). This morning, New Zealand’s March trade data (29 Apr) came in line with
expectations as exports rose to NZD 5.81bn (from NZD 4.92bn in February) whilst imports rose to NZD
5.14bn (from NZD 4.32bn in February) resulting in a trade surplus of NZD 672mn (up from NZD 594mn
in February). Later this morning (9:30am SGT), Australia will release its 1Q 2020 CPI inflation data.
There was little action across the Asian FX complex as the CNY continued to consolidate around 7.08
level after the PBoC made little change to the central parity fixing rate at 7.0710. Similarly, USD/KRW
was little changed at 1,225 while USD/SGD marked time just under 1.4200. Other key SEA pairs were
little changed as well, with USD/MYR rising marginally from 4.35 to 4.36, USD/THB drifting lower from
32.50 to 32.45 and USD/IDR glued to 15,450.
Today’s Asia macroeconomic data schedule remains light, headlined by Singapore’s mid-morning
release of its widely awaited 1Q employment figures, in particular the unemployment rate. While
Vietnam will release its suite of data for April, ranging from CPI to Industrial Production to Retail Sales.
FX Insights
Wednesday, 29 April 2020
1|P a g eRecent publications:
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?
24 Apr 20: UK: Retailers Suffer Worst Fall Amid COVID-19 Lockdown
24 Apr 20: Eurozone: EU Leaders Fail To Agree Even As PMIs Plunge At Record-Pace
23 Apr 20: Singapore: Lower Consumer Prices In March Could Mark The Start Of A Deflationary Trend
FX Insights
Wednesday, 29 April 2020
2|P a g eUSD/SGD: 1.4165
24-HOUR VIEW
USD is likely to drift lower but the month-to-date low at 1.4123 is unlikely to come into the picture for today.
Instead of trading sideways, USD dipped to 1.4148 before rebounding to end the day slightly lower at 1.4170 (-0.09%). Downward
momentum has improved slightly and the bias is from here is for USD to drift lower. That said, the month-to-date low at 1.4123 is unlikely
to come into the picture for today. On the upside, USD has to move above 1.4220 (minor resistance is at 1.4190) would indicate the
current mild downward pressure has eased.
1-3 WEEKS VIEW
USD is expected to trade with a downward bias towards the major support at 1.4090.
USD dipped below the bottom of our expected 1.4160/1.4330 range yesterday with a low of 1.4148. For now, it is too early to expect the
start of sustained decline but the underlying tone has weakened. From here, barring a move above 1.4260 within the next several days,
USD is expected to trade with a downward bias towards the major support at 1.4090. At this stage, the prospect for a sustained drop below
this level is not high.
1-3 MONTHS VIEW
Set-up suggests USD/SGD has entered a weekly up-trend. Next resistance of note is at 1.4545 (dated 17 Mar 2020) Read more
LEVELS
Ranges 28 Apr 2020 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.4125 R1: 1.4220
1.4197 1.4221 1.4148 1.4170 -0.09% -1.03% -0.83% +5.31%
S2: 1.4090 R2: 1.4250
FX Insights
Wednesday, 29 April 2020
3|P a g eEUR/USD: 1.0835
24-HOUR VIEW
EUR could trade in a choppy manner between 1.0790 and 1.0870.
The sudden but short-lived surge in EUR and the subsequent rapid pull-back from 1.0888 came as a surprise. The volatile price action
has resulted in a mixed outlook. For today, EUR could continue to trade in a choppy manner between 1.0790 and 1.0870.
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 yesterday, 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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0790 R1: 1.0870
1.0828 1.0888 1.0808 1.0818 -0.09% -0.35% -2.89% -3.50%
S2: 1.0725 R2: 1.0940
FX Insights
Wednesday, 29 April 2020
4|P a g eGBP/USD: 1.2445
24-HOUR VIEW
GBP could consolidate and trade between 1.2390 and 1.2500.
Our view for GBP yesterday was that it “could move above the 1.2455 high; prospect for a move beyond the next resistance at 1.2490 is
not high”. While our expectation for GBP to move higher was correct, we did not anticipate the sudden and sharp rise to 1.2516 and the
subsequent swift pull-back. Indicators are showing mixed signals and for today, GBP could consolidate and trade between 1.2390 and
1.2500.
1-3 WEEKS VIEW
Outlook is mildly positive; GBP could edge higher to 1.2535.
No change in view from yesterday, see reproduce 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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2390 R1: 1.2500
1.2426 1.2516 1.2406 1.2422 +0.00% +0.99% -0.17% -6.34%
S2: 1.2350 R2: 1.2535
FX Insights
Wednesday, 29 April 2020
5|P a g eAUD/USD: 0.6500
24-HOUR VIEW
Advance in AUD is overbought but there is room for further gains to 0.6545.
We highlighted yesterday that “further AUD strength is not ruled out but overbought conditions suggest that a break of 0.6490 is unlikely”.
The subsequent AUD strength exceeded our expectation as it soared to a high of 0.6514. The advance in AUD is deep in overbought
territory now but upward momentum remains robust. From here, there is room for AUD to extend its gains to 0.6545. For today, the next
resistance at 0.6580 is unlikely to come into the picture. On the downside, 0.6450 is likely strong enough to hold for today (minor support
is at 0.6475).
1-3 WEEKS VIEW
AUD is expected to strengthen towards 0.6580.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6450 R1: 0.6545
0.6463 0.6514 0.6435 0.6493 +0.45% +3.34% +5.26% -7.46%
S2: 0.6410 R2: 0.6580
FX Insights
Wednesday, 29 April 2020
6|P a g eNZD/USD: 0.6085
24-HOUR VIEW
NZD could breach the strong 0.6100 level but the month-to-date high at 0.6131 is likely out of reach for today.
Instead of “trading between 0.5975 and 0.6040”, NZD soared to a high of 0.6085 before extending its gains after NY close. Upward
momentum is strong and a breach of 0.6100 would not be surprising. That said, overbought conditions suggest that a clear break of the
month-to-date high at 0.6131 is likely out of reach for today. On the downside, 0.6040 is expected to be strong enough to hold any pull-
back.
1-3 WEEKS VIEW
Break of 0.6131 would suggest further NZD strength towards 0.6180.
NZD is currently approaching the top of the 0.5900/0.6100 range that we first highlighted last Tuesday (21 Apr, spot at 0.6025). While
upward has picked up considerably, NZD has to break the month-to-date high at 0.6131 before further sustained advance towards 0.6180
can expected. The prospect for such a scenario is quite high unless NZD moves back below 0.6020 within these 1 to 2 days.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6040 R1: 0.6130
0.6048 0.6073 0.5992 0.6059 +0.23% +1.46% +0.28% -9.96%
S2: 0.6020 R2: 0.6180
FX Insights
Wednesday, 29 April 2020
7|P a g eUSD/JPY: 106.65
24-HOUR VIEW
Barring a move above 107.05, USD is expected to weaken to 106.25.
The sudden sharp decline in USD that sent it plummeting to a 6-week low of 106.54 came as a surprise. Robust downward momentum
suggests further USD weakness is likely. From here, barring a move back above 107.05 (minor resistance is at 106.90), USD is expected
to weaken further to 106.25 (next support is at 106.00).
1-3 WEEKS VIEW
USD is likely to weaken to 106.00.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 106.25 R1: 107.05
107.27 107.34 106.54 106.86 -0.34% -0.84% -0.95% -1.61%
S2: 106.00 R2: 107.35
FX Insights
Wednesday, 29 April 2020
8|P a g eUSD/CNH: 7.0810
24-HOUR VIEW
A break of the 7.0759 low could lead to a drop in USD towards 7.0650.
Instead of trading sideways, USD dipped to 7.0759 before recovering. The underlying tone has weakened and from here, a break of the
7.0759 low could lead to further USD weakness to 7.0650. Resistance is at 7.0880 followed by 7.0920.
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.
No change in view from Monday (27 Apr), see reproduced update below.
The rebound in USD from a low of 7.0370 (Apr 10) touched 7.1087 on 21 Apr and since then, it has not been able to make much headway
on the upside. The price action is not out of line from our expectation from 16 Apr (spot at 7.0770) wherein USD “has likely moved into a
consolidation phase” and “is likely to trade between 7.0450 and 7.1250 for a period”. That said, the underlying tone has weakened and the
downside risk is beginning to increase. From here, unless USD can move above 7.1030 within these few days, a break of 7.0650 would
improve the prospect of USD moving below 7.0370.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 7.0650 R1: 7.1030
7.0929 7.0982 7.0759 7.0900 -0.03% -0.19% +0.05% +1.85%
S2: 7.0450 R2: 7.1250
FX Insights
Wednesday, 29 April 2020
9|P a g eEUR/SGD: 1.5355
24-HOUR VIEW
Risk for EUR is tilted to the downside towards 1.5300.
EUR traded between 1.5323 and 1.5416 yesterday, lower than our expected range of 1.5350/1.5430. The daily closing in NY is on the
soft side (1.5328, -0.60%) and the risk from here is tilted to the downside towards 1.5300. For today, the prospect for a clear break of this
level is not high. Resistance is at 1.5385 followed by 1.5415.
1-3 WEEKS VIEW
EUR could weaken further to 1.5250.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.5300 R1: 1.5410
1.5367 1.5416 1.5323 1.5328 -0.60% -1.35% -3.57% +1.71%
S2: 1.5250 R2: 1.5450
FX Insights
Wednesday, 29 April 2020
10 | P a g eGBP/SGD: 1.7640
24-HOUR VIEW
GBP could trade sideways within a 1.7590/1.7730 range.
GBP traded between 1.7590 and 1.7721 yesterday, relatively close to our expected range of 1.7580/1.7700. Indicators are still mostly
‘flat’ and GBP is likely to continue to consolidate for now. Expected range for today, 1.7590/1.7730.
1-3 WEEKS VIEW
GBP is likely to trade sideways for a period.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.7590 R1: 1.7730
1.7636 1.7721 1.7590 1.7599 -0.10% +0.02% -0.97% -1.33%
S2: 1.7500 R2: 1.7800
FX Insights
Wednesday, 29 April 2020
11 | P a g eAUD/SGD: 0.9210
24-HOUR VIEW
UAD could advance further but gains could be limited to a test of 0.9255.
The continuing strength in AUD that sent it soaring to a high of 0.9220 was unexpected. While severely overbought, the rally in AUD is
not showing any sign of weakness just yet. That said, any AUD strength could be ‘limited’ to a test of 0.9255 for today. The next resistance
at 0.9290 is not expected to come into the picture. Support is at 0.9180 followed by 0.9160.
w
1-3 WEEKS VIEW
AUD could advance further to 0.9290
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.9160 R1: 0.9255
0.9173 0.9222 0.9141 0.9193 +1.11% +2.27% +4.51% -2.61%
S2: 0.9135 R2: 0.9290
FX Insights
Wednesday, 29 April 2020
12 | P a g eJPY/SGD: 1.3265
24-HOUR VIEW
JPY is likely to trade sideways within a 1.3200/1.3280 range.
JPY traded between 1.3213 and 1.3287 yesterday, relatively close to our expected range of 1.3200/1.3280. While JPY could continue to
trade sideways, the slightly firmed underlying tone suggests a higher trading range of 1.3230/1.3320.
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 28 Apr 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3230 R1: 1.3320
1.3230 1.3287 1.3213 1.3257 +0.21% -0.17% +0.27% +7.13%
S2: 1.3050 R2: 1.3350
FX Insights
Wednesday, 29 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 16 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
Wednesday, 29 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 Wednesday, 29 April 2020 15 | P a g e
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