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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Thursday, 28 January 2021 US equities suffered steep losses on Wednesday, with the S&P 500 and the Dow posting their worst
session since October, as the speculative buying frenzy in heavily shorted stocks kept market
participants on edge. US Treasury yields remained lower overall on Wednesday, after the Federal
Reserve left interest rates unchanged and kept its bond-buying program intact, as widely expected,
Quek Ser Leang
Quek.SerLeang@uobgroup.com noting that the economic recovery has slowed in recent months. The US dollar edged higher against
the major currencies – the US dollar index (DXY) rose 0.48% to 90.61 on Wednesday, following a 0.24%
Lee Sue Ann decline the previous session. The DXY jumped to 90.87 during the session, the highest since 18 Jan
Lee.SueAnn@uobgroup.com before pulling back its gains.
Attention will now shift to a deluge of data releases later this evening. Headlining today's release will be
the US 4Q20 GDP, which is expected at +4.1% q/q SAAR with a range of forecasts between 1.5% and
6.8%, from +33.4% surge in 3Q20. Other reports of note today include US' advance December goods
trade balance and the weekly initial jobless claims, which are seen improving to 875K, from 900K in the
prior week.
EUR/USD came off -0.4% to about 1.21 near the lowest level since 18 Jan, after a report indicating that
European Central Bank officials believed markets were largely ruling out further interest rate cuts.
GBP/USD fell -0.4% to 1.3687 on Wednesday, while USD/JPY rose 0.5% to 104.16 as the yen stayed
on the defensive throughout the session. AUD/USD dropped 1.1% to 0.7663 after dropped as much as
1.3% during the session to touch the lowest since 4 Jan. NZD/USD retreated -1.0% to 0.7165 and
declined as much as 1.2% during Wednesday's session.
Asian currencies were mixed yesterday. Gainers which appreciated against the greenback included the
KRW (+0.19%), TWD (+0.13%), IDR (+0.11%) and MYR (+0.04%), while losses were seen in SGD (-
0.32%), CNY (-0.29%) and VND (-0.04%). Accounting for the movements, the Asian Dollar Index fell
0.27%. The SGD NEER is currently trading at -0.28% from the mid-point. We expect the SGD NEER to
trade between -0.6% and 0% around its midpoint which implies USD/SGD range of 1.3251 - 1.3331.
The Asian docket is relatively sparse for today. Market-watchers will likely eye closely on Philippines’
4Q20 GDP data, where market consensus is pencilling it at -8.0% y/y (+6.0% q/q sa).
Recent publications:
27 Jan 21: Australia: Upside Surprise In 4Q CPI
27 Jan 21: Singapore Budget 2021 Preview: Charting The Path To Recovery
26 Jan 21: US: Janet Yellen Wins Senate Approval To Become US Treasury Secretary
26 Jan 21: Singapore: Setting An Optimistic Tone In 2021 With A Surge In Dec Manufacturing
Momentum
26 Jan 21: South Korea: 4Q GDP Showed Private Consumption Under Renewed Pressure From
Coronavirus Resurgence
FX Insights
Thursday, 28 January 2021
1|P a g eUSD/SGD: 1.3300
24-HOUR VIEW
Outlook for USD is positive but it remains to be seen if it can maintain a foothold above 1.3335.
Our expectation for USD to “test the strong support at 1.3220” was incorrect as it soared to an overnight high of 1.3315 before closing on
a firm note at 1.3293 (+0.34%). While the risk is tilted to the upside, 1.3320 is a strong resistance and this level is followed closely by
another major level at 1.3335. Overall, the USD outlook for today is positive but it remains to be seen if it can maintain a foothold above
1.3335. Support is at 1.3285 followed by 1.3260.
1-3 WEEKS VIEW
Upward momentum is showing tentative signs of improving again; daily closing above 1.3335 would indicate start of recovery
towards 1.3370, possibly 1.3405.
We noted yesterday that “the build-up in shorter-term momentum has fizzled out and the prospect for USD to move above 1.3335 has
diminished”. However, USD rebounded strongly as it rose to an overnight high of 1.3315. Upward momentum is showing tentative signs of
improving again and if there is a daily closing above 1.3335, it would indicate the start of a recovery towards 1.3370, possibly 1.3405. At
this stage, the prospect for a recovery is not that high but it would increase as long as USD does not move below 1.3240 within these few
days.
1-3 MONTHS VIEW
Bias is clearly on the downside but the pace of any decline in USD/SGD is likely to be slow and the 2018 low of 1.3008 is unlikely to come
into the picture. (dated 04 Dec 2020, 1.3375) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3260 R1: 1.3335
1.3246 1.3315 1.3240 1.3293 +0.34% +0.31% +0.08% +0.62%
S2: 1.3240 R2: 1.3375
FX Insights
Thursday, 28 January 2021
2|P a g eEUR/USD: 1.2105
24-HOUR VIEW
Risk for EUR is on the downside but the solid support at 1.2050 may not be easy to crack.
Our expectation for the “rebound in EUR to extend” was incorrect as it plummeted to 1.2056 before snapping back up to end the day at
1.2108 (-0.43%). Despite the bounce, the bias remains on the downside even though 1.2050 is a solid support and may not be easy to
crack. On the upside, a break of 1.2155 would indicate that the current downside risk has dissipated (minor resistance is at 1.2135).
1-3 WEEKS VIEW
Risk is shifting to the downside but EUR has to close below 1.2050 before a sustained decline can be expected.
We have held the same view since last Friday (22 Jan, spot at 1.2165) where we expect EUR to “trade between 1.2080 and 1.2250 for a
period of time”. Since then, EUR has traded mostly sideways but it dropped sharply to 1.2056 yesterday. Shorter-term downward
momentum is improving and the risk is shifting to the downside. That said, EUR has to close below 1.2050 before a sustained decline can
be expected. The odds for such a move are quite high unless EUR moves above 1.2180 within these few days. Looking ahead, the next
support below 1.2050 is at 1.2000.
1-3 MONTHS VIEW
The next up-leg in EUR/USD has started. Premature to expect a move to 1.2555 but an advance to 1.2300 would not be surprising. (dated
04 Dec 2020, 1.2065) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2050 R1: 1.2155
1.2167 1.2169 1.2056 1.2108 -0.43% +0.03% -0.79% -0.86%
S2: 1.2000 R2: 1.2180
FX Insights
Thursday, 28 January 2021
3|P a g eGBP/USD: 1.3665
24-HOUR VIEW
GBP is likely to weaken further to 1.3615.
We highlighted yesterday that GBP “could move above the resistance at 1.3760”. GBP subsequently rose to 1.3759 before dropping
sharply to 1.3659 during NY hours. GBP extended its decline this morning and further weakness towards 1.3615 appears likely (there is
a relatively strong support at 1.3635). Resistance is at 1.3700 followed by 1.3730.
1-3 WEEKS VIEW
Bias is tilted to the downside but any weakness is viewed as part of 1.3580/1.3760 range for now.
We highlighted yesterday that “while upward momentum has improved somewhat, GBP has to close above the major resistance at 1.3800
before a sustained advance can be expected”. We added, “the prospect for a break of 1.3800 is not high for now but would remain intact
as long as GBP does not move below 1.3630 within these few days”. GBP dropped to a low of 1.3659 during NY hours and while 1.3630
is still intact, the build-up in momentum has fizzled out. From here, the bias is tilted to the downside but any weakness is viewed as part of
a 1.3580/1.3760 range for now. Looking ahead, if GBP closes below 1.3580, it would indicate the start of a deeper and more sustained
pull-back.
1-3 MONTHS VIEW
GBP/USD could strengthen but barring a sudden surge in momentum, any advance is likely limited to 1.3700. (dated 04 Dec 2020, 1.3420)
Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3615 R1: 1.3730
1.3739 1.3759 1.3659 1.3692 -0.31% +0.23% +1.17% +0.22%
S2: 1.3580 R2: 1.3760
FX Insights
Thursday, 28 January 2021
4|P a g eAUD/USD: 0.7635
24-HOUR VIEW
Further AUD weakness is likely but oversold conditions suggest 0.7560 is likely out of reach for now.
Our expectation for AUD “to edge above 0.7785” was wrong as it plummeted to 0.7644 before extending its decline this morning. Strong
downward momentum is likely to lead to further AUD weakness even though the quickly oversold conditions suggest the next support at
0.7560 is likely out of reach for now (0.7595 is already quite a strong level). Resistance is at 0.7670 followed by 0.7700.
1-3 WEEKS VIEW
Risk shifted quickly to the downside; AUD is likely to trade with a downward bias towards 0.7560.
We noted yesterday that “shorter-term momentum is beginning to improve but AUD has to close above 0.7820 before a sustained advance
can be expected”. However, AUD dropped sharply during NY hours and extended its decline this morning. Risk has shifted quickly to the
downside and AUD is likely trade with a downward bias towards 0.7560. On the upside, a break of 0.7730 would indicate the downside risk
has dissipated. On a shorter-term note, 0.7700 is already a strong level.
1-3 MONTHS VIEW
AUD/USD is likely to strengthen further but it is left to be seen if it can maintain a foothold above the next major resistance at 0.7900. (dated
04 Jan 2020, 0.7700) Read More.
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7595 R1: 0.7700
0.7750 0.7764 0.7644 0.7664 -1.09% -1.08% +0.81% -0.38%
S2: 0.7560 R2: 0.7730
2
FX Insights
Thursday, 28 January 2021
5|P a g eNZD/USD: 0.7140
24-HOUR VIEW
NZD is likely to weaken but oversold conditions suggest a sustained decline below 0.7100 is unlikely.
Our expectation for NZD to “advance further” was incorrect as it plummeted to 0.7147 during NY hours before extending its decline this
morning. While strong downward momentum suggests further NZD weakness, the sharp and rapid drop is severely oversold and a
sustained decline below the major support at 0.7100 appears unlikely. On the upside, 0.7190 is expected to be strong enough to cap any
short-term recovery (minor resistance is at 0.7165).
1-3 WEEKS VIEW
Risk for NZD has shifted to the downside; break of solid support at 0.7100 would open up the way for a move to 0.7060.
After NZD moved above the 0.7240 resistance, we highlighted yesterday that “the current outlook for NZD is deemed slightly positive as
long as 0.7170 is not breached”. The sudden and sharp drop during NY hours came as a surprise as NZD plunged to 0.7147 before
extending its decline this morning. The risk has shifted to the downside towards 0.7100. A break of this solid support would open up the
way for a move to 0.7060. Overall, NZD is expected to remain under pressure unless it can move above 0.7220. On a shorter-term note,
0.7190 is already a strong resistance.
1-3 MONTHS VIEW
Further NZD/USD strength is not ruled out but the pace of any advance is likely to be slower and the 2018 high of 0.7437 is not expected
to come into the picture (0.7250 is already a strong resistance level). (dated 04 Dec 2020, 0.7060) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7100 R1: 0.7190
0.7243 0.7245 0.7147 0.7159 -1.11% -0.15% +0.51% -0.31%
S2: 0.7060 R2: 0.7220
FX Insights
Thursday, 28 January 2021
6|P a g eUSD/JPY: 104.25
24-HOUR VIEW
USD could move above the month-to-date high near 104.40; a rise beyond 104.75 appears unlikely.
The sudden and strong surge in USD came as a surprise. While the rapid rise appears to be running ahead of itself, USD could move
above the month-to-date high near 104.40. For today, a rise beyond 104.75 is unlikely. Support is at 104.00 followed by 103.75.
1-3 WEEKS VIEW
Risk for USD has shifted to the upside; solid resistance at 104.75 may not yield so easily.
We have held the same view since last Thursday (21 Jan, spot at 103.55) wherein “the bias for USD is tilted to the downside but any
weakness is likely limited to a test of 103.00”. We highlighted that “a break of 104.20 would indicate the current mild downward pressure
has eased”. We did anticipate the sudden surge in USD yesterday as it soared to 104.19 before extending its advance this morning. The
rapid improvement in momentum has shifted the risk the upside towards 104.75. This is a rather solid resistance and may not yield so
easily. The current positive outlook is deemed as intact as intact as long as USD does not move below 103.50. On a shorter-term note,
103.75 is already a strong level.
1-3 MONTHS VIEW
USD/JPY is in the early stages of a recovery phase that could extend to 106.00. (dated 12 Jan 2020, 104.25) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 103.75 R1: 104.40
103.58 104.19 103.56 104.09 +0.47% +0.55% +0.59% +0.82%
S2: 103.50 R2: 104.75
FX Insights
Thursday, 28 January 2021
7|P a g eUSD/CNH: 6.4980
24-HOUR VIEW
Further USD strength would not be surprising but a sustained rise above 6.5200 is unlikely.
Our expectation for USD to “edge lower” was incorrect as it staged a robust and rapid bounce to 6.5008. While further USD strength would
not be surprising, the strong surge appears to be running ahead of itself and a sustained rise above 6.5200 is unlikely. On the downside,
a break of 6.4850 would indicate the current upward pressure has eased.
1-3 WEEKS VIEW
Break of 6.5200 would suggest further USD strength towards 6.5360.
About 2 weeks ago (15 Jan, spot at 6.4680), we indicated that “a clear break of 6.4900 could lead to a move to 6.5200”. While USD
subsequently rose to 6.5075, it was unable to make any further headway on the upside. In our latest narrative from Tuesday (26 Jan, spot
at 6.4870), we highlighted that “momentum has deteriorated further but only a break of 6.4450 would indicate that USD is not ready to
move higher to 6.5200”. In that context, we did not anticipate the strong overnight surge in USD. From here, 6.5200 appears to be within
reach and a break of this level would suggest further USD strength towards 6.5360. On the downside, the ‘strong support’ level has moved
higher to 6.4650 from 6.4450.
1-3 MONTHS VIEW
USD/CNH could dip below the ‘double-top’ target of 6.4960; oversold conditions suggest the next support at 6.3800 is likely out of reach
within the first quarter of 2021. (dated 04 Dec 2020, 6.5550) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.4850 R1: 6.5200
6.4712 6.5008 6.4668 6.4985 +0.37% +0.54% -0.22% -0.05%
S2: 6.4650 R2: 6.5360
FX Insights
Thursday, 28 January 2021
8|P a g eEUR/SGD: 1.6100
24-HOUR VIEW
EUR is likely consolidate and trade between 1.6060 and 1.6130.
Yesterday, we expected EUR to “trade sideways within a 1.6080/1.6130 range”. However, EUR plunged to 1.6044 before snapping back
up to end the day little changed at 1.6092 (-0.07%). The rapid decline appears to be overdone and further EUR weakness is unlikely. EUR
is more likely to consolidate and trade between 1.6060 and 1.6130.
1-3 WEEKS VIEW
Outlook is mixed; EUR is likely to trade between 1.6020 and 1.6170.
On Monday (25 Jan, spot at 1.6145), we highlighted that “risk has shifted slightly to the upside but any advance is viewed as part of a
1.6050/1.6200 range”. EUR dropped below 1.6050 during NY hours but rebounded quickly from 1.6044. The ‘undecided’ price actions
have resulted in a mixed outlook and EUR could trade between 1.6020 and 1.6170 for a period of time.
1-3 MONTHS VIEW
Bias is for a higher EUR/SGD but the August 2020 peak of 1.6315 is a solid resistance level and may not be easy to break. (dated 04
Dec 2020, 1.6150) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.6060 R1: 1.6130
1.6112 1.6119 1.6044 1.6092 -0.07% +0.37% -0.69% -0.25%
S2: 1.6020 R2: 1.6170
FX Insights
Thursday, 28 January 2021
9|P a g eGBP/SGD: 1.8195
24-HOUR VIEW
GBP is likely to trade sideways, expected to be between 1.8140 and 1.8240.
We highlighted yesterday that GBP “has scope to test 1.8240 but a sustained rise above this level is unlikely”. GBP subsequently rose to
1.8231 before easing off to close little changed at 1.8183 (-0.07%). Momentum indicators are mostly neutral and GBP is likely to trade
sideways for today, expected to be between 1.8140 and 1.8240.
1-3 WEEKS VIEW
GBP is likely to edge higher to 1.8300; prospect for a sustained advance above this level is not high for now.
No change in view from yesterday, see reproduced update below.
We have held a slightly positive view in GBP for about 2 weeks now (see annotations in the chart below). In our latest update on Monday
(25 Jan, spot at 1.8160), we indicated that “the prospect for GBP to advance further has improved but it still has to close above 1.8200
before a move to 1.8300 can be expected”. GBP rose to 1.8203 yesterday before closing at 1.8197. Upward momentum has improved
albeit, not by much. From here, GBP is likely to edge higher to 1.8300. At this stage, the prospect for a sustained advance above 1.8200
is not high. Only a break of 1.8090 (‘strong support’ level previously at 1.8060) would indicate the current upward pressure has eased.
1-3 MONTHS VIEW
GBP/SGD could grind higher but is unlikely to challenge the major long-term resistance at 1.8300. (dated 04 Dec 2020, 1.7920) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.8140 R1: 1.8240
1.8193 1.8231 1.8170 1.8183 -0.07% +0.55% +1.08% +0.68%
S2: 1.8090 R2: 1.8300
FX Insights
Thursday, 28 January 2021
10 | P a g eAUD/SGD: 1.0175
24-HOUR VIEW
Further AUD weakness is not ruled out but 1.0130 is likely out of reach.
After trading in a relatively quiet manner for several days, the sudden and sharp plunge in AUD during NY hours came as a surprise.
Further weakness is not ruled out but oversold conditions suggest 1.0130 is likely out of reach. Resistance is at 1.0200 followed by 1.0230.
1-3 WEEKS VIEW
Risk has shifted to the downside; AUD is expected to trade with a downward bias to 1.0130.
We noted yesterday that “while shorter-term momentum has improved somewhat, 1.0300 is a solid resistance and is unlikely to yield so
easily”. We did not anticipate the sudden sharp sell-off that sent AUD to a low of 1.0166. The risk has shifted quickly to the downside and
AUD is expected to trade with a downward bias to 1.0130. Further weakness to 1.0095 is not ruled out but at this stage, the odds for AUD
to move to 1.0095 are not high. Overall, AUD is expected to remain under pressure unless it can move above 1.0255.
1-3 MONTHS VIEW
In order to maintain the build-up in momentum, AUD/SGD has to continue to march higher. Major levels on the upside are at 1.0500
followed by 1.0630. (dated 06 Jan 2021, 1.0220) Read more
LEVELS
Ranges 27 Jan 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0130 R1: 1.0230
1.0261 1.0278 1.0166 1.0180 -0.74% -0.78% +0.90% +0.17%
S2: 1.0095 R2: 1.0255
FX Insights
Thursday, 28 January 2021
11 | P a g eJPY/SGD: 1.2760
24-HOUR VIEW
JPY could dip below 1.2740; a sustained decline below this level is unlikely.
Yesterday, we indicated that JPY “could drift lower but is unlikely to threaten the major support at 1.2740”. JPY subsequently dropped to
1.2747 before recovering. The underlying tone has weakened but while JPY could dip below 1.2740, a sustained decline below this level
is unlikely. The next support at 1.2720 is not expected to come into the picture. Resistance is at 1.2780 followed by 1.2800.
1-3 WEEKS VIEW
Outlook is mixed; JPY could trade between 1.2740 and 1.2850 for a period of time.
There is not much to add to our latest narrative from last Friday (22 Jan, spot at 1.2780). As highlighted, the outlook is mixed and JPY
could trade between 1.2740 and 1.2840 for a period of time.
1-3 MONTHS VIEW
JPY/SGD could continue to trade sideways between the two major levels of 1.2670 and 1.3145. (dated 04 Dec 2020, 1.2830) Read more
LEVELS
Ranges 27 Jan 2 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2740 R1: 1.2800
1.2781 1.2787 1.2747 1.2762 -0.16% -0.22% -0.51% -0.23%
S2: 1.2720 R2: 1.2840
FX Insights
Thursday, 28 January 2021
12 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 1Q21 2Q21 3Q21 4Q21 Rates Outlook 1Q21 2Q21 3Q21 4Q21
EUR/USD 1.22 1.23 1.24 1.24 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.35 1.35 1.36 1.36 UK 0.10% 0.10% 0.10% 0.10%
AUD/USD 0.74 0.75 0.76 0.76 AU 0.10% 0.10% 0.10% 0.10%
NZD/USD 0.71 0.72 0.73 0.73 NZ 0.25% 0.25% 0.25% 0.25%
USD/JPY 104 103 102 102 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 4.03 4.00 3.95 3.95 MY 1.50% 1.50% 1.50% 1.50%
USD/THB 30.00 30.30 30.50 30.50 TH 0.50% 0.50% 0.50% 0.50%
USD/CNY 6.50 6.45 6.35 6.35 CN 3.85% 3.85% 3.85% 3.85%
USD/IDR 14,300 14,350 14,400 14,400 ID 3.50% 3.50% 3.50% 3.50%
USD/PHP 48.00 47.50 47.00 47.00 PH 2.00% 2.00% 2.00% 2.00%
USD/INR 74.30 74.50 75.00 75.50 IN 3.75% 3.75% 3.75% 3.75%
USD/TWD 28.50 28.20 28.00 28.00 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 1,080 1,060 1,050 1,050 KR 0.50% 0.50% 0.50% 0.50%
US 0.25% 0.25% 0.25% 0.25%
Last update on 04 Dec 20: Global Vaccine Reflation
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) - - - tba - - - - - 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 20 19 14 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 - - - - - - - - - -
*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, 28 January 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 Thursday, 28 January 2021 14 | P a g e
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