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0Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Tuesday, 04 February 2020 US equities rebounded on Monday on better than expected US manufacturing data and efforts by
China to support its economy hit by the coronavirus. The S&P 500 index gained 0.7% to 3,248.92 with
gains led by material and technology shares while industrial and energy shares slumped. The Dow
Jones pared part of the 603 pts drop last Friday, rebounding 143 pts to 28,399.81. The Nasdaq
Quek Ser Leang
Quek.SerLeang@uobgroup.com Composite gained an outsized 1.3% to 9,273.40. On the other hand, China’s Shanghai composite
plunged 7.88% on its return from the extended Lunar New Year holiday, with 3,257 counters limit
Peter Chia down on the day.
PeterChia.CS@uobgroup.com
US Treasuries slipped overnight as risk sentiment recovered somewhat, sending yields higher by 0.7
to 4.0 bps across the curve. The 10-year yield advanced as much as 6.7 bps to 1.573% but pared
gains after US CDC said it is preparing as if the coronavirus was the next pandemic. Overall, the 10-
year yield finished Monday’s session higher by 2.0 bps to 1.527%.
The USD gained against most of its G-10 peers on Monday, underpinned by a strong ISM
manufacturing print. The US Dollar index, or DXY rose to 97.80 from 97.39, rebounding from its sharp
drop last Friday. The Sterling pound underperformed with the GBP/USD tumbling to just under 1.30
from 1.32, the biggest drop in six weeks as UK and EU clashed on how their future trading
relationship would be. EUR/USD gave back part of Friday’s gains, slipping 0.3% to 1.1060. USD/JPY
rose for the first time in four sessions as risk sentiments stabilized, gaining to 108.69 from 108.35.
AUD/USD closed flat at 0.6692, near 4-month lows of 0.6682. The Reserve Bank of Australia (RBA)
meets today and will announce its first monetary policy decision of 2020 today, due 11:30am SGT.
After slashing rates by 75 bps last year, together with a better than expected employment and inflation
recently, we expect the RBA to keep its powder dry, maintaining the Cash Rate Target at 0.75% in
this meeting.
The Asian currencies basket was weaker against the US dollar in the previous session. The ADXY
index started the day at 104.62 and closed at 103.93, falling on the day by 0.66%. Against the
individual currencies of the basket, overnight performance by the US dollar was best against IDR
(0.51%), while the US dollar lagged against THB (-0.36%). USD/SGD ranged between 1.3645 and
1.3688 before closing the Asian trading day at 1.3682. The domestic currency was stable on a basket
level. As of the previous Asian close, the SGD NEER was at 1.24% above the mid-point. We expect
the SGD NEER to trade between 1.0% to 1.5% above the mid-point today, which implies a USD/SGD
range between 1.3659 and 1.3741.
PBoC fixed the USD/CNY higher by 373 pips to 6.9249 in the previous session. During the Asian day,
USD/CNH rose to a high of 7.0225 before closing the day at 7.0198. The onshore vs. offshore spread
was wider in the previous session to -75 pips. The 12 month USDCNH forwards gained by 5 pips to
700 pips.
Recent publications:
04 Feb 20: Hong Kong: 4Q19 GDP Contracted Less Than Expected
04 Feb 20: Singapore: Expansion Readings For PMIs Are Seen, But Epidemic Concerns Could Weigh
Going Forward
03 Feb 20: Coronavirus Outbreak Provides Temporary Boost For The US Dollar
03 Feb 20: Update To USD/MYR, USD/THB And USD/IDR
31 Jan 20: US: 4Q GDP Growth At 2.1%, Full Year Growth At 2.3% In 2019
FX Insights
Tuesday, 04 February 2020
1|P a g eUSD/SGD: 1.3690
24-HOUR VIEW
USD could continue to strengthen to 1.3720; crucial mid- to long-term resistance at 1.3750 is likely out of reach for today.
While we held the view that USD “could continue to advance” yesterday, the relentless pace of gain came as a surprise. USD moved
one pip above last Dec’s peak of 1.3693 before ending the day on a solid note at 1.3690 (+0.33%). USD has managed to extend its
gains despite severely overbought conditions and from here, it could continue to strengthen towards 1.3715. For today, the crucial mid-
to long-term resistance at 1.3750 is likely out of reach. On the downside, a breach of 1.3660 would suggest the rapid rise is ready to
take a pause.
1-3 WEEKS VIEW
Fast and furious rally in USD is likely gunning for the mid- to long-term 1.3750 resistance.
The rally in USD continues unabated as it moved above the Dec’s peak of 1.3693. The advance from the mid-Jan low of 1.3451 has
been fast and furious and from here, USD is likely gunning for the major mid- to long-term resistance at 1.3750. As highlighted in the 1-3
months view below, a break of 1.3750 would indicate that last December low of 1.3445 could be a significant bottom. Looking ahead, a
breach of 1.3750 would expose the next resistance at 1.3800 (followed by 1.3840). All in, further USD strength is expected as long as
1.3630 is intact (‘strong support’ level was at 1.3580 yesterday).
1-3 MONTHS VIEW
Downside risk to USD/SGD averted for now; current strength is viewed as a “corrective rebound” (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 2020 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3660 R1: 1.3720
1.3652 1.3694 1.3644 1.3690 +0.33% +0.81% +1.46% +1.74%
S2: 1.3630 R2: 1.3750
FX Insights
Tuesday, 04 February 2020
2|P a g eEUR/USD: 1.1060
24-HOUR VIEW
EUR is expected to trade sideways, likely between 1.1035 and 1.1085.
Expectation for EUR strength to “move above 1.1115” was incorrect as it dropped briefly to 1.1034 before recovering to end the day
lower at 1.1058 (-0.32%). The movement is viewed as part of a consolidation phase. In other words, EUR is expected to trade sideways
for today, likely between 1.1035 and 1.1085.
1-3 WEEKS VIEW
Short-term bottom in place, rebound in EUR could extend but expect solid resistance at 1.1180.
The rapid manner by which EUR gave up a large part of the strong gains from last Friday (31 Jan) came as a surprise (EUR lost -0.31%
yesterday). For now, we are holding on to our view from yesterday (03 Feb, spot at 1.1090) wherein last week’s 1.0990 low is a short-
term bottom and the current movement is viewed as a rebound that has scope to extend higher towards the solid resistance at 1.1180.
However, a breach of 1.1015 (no change in ‘strong support’ level) would indicate that our expectation for a rebound is premature.
1-3 MONTHS VIEW
Mixed outlook suggests EUR/USD could continue to trade sideways (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.1035 R1: 1.1085
1.1091 1.1095 1.1034 1.1058 -0.31% +0.38% -1.20% -1.32%
S2: 1.1015 R2: 1.1150
FX Insights
Tuesday, 04 February 2020
3|P a g eGBP/USD: 1.3000
24-HOUR VIEW
Impulsive decline in GBP has room to extend further but oversold conditions suggest 1.2955 is likely out of reach.
The manner by which GBP gave up its strong gains from late last week came as a surprise as it nose-dived by -1.55% to close at
1.3000. The impulsive decline appears to have room to extend further but oversold conditions suggest the Jan’s low of 1.2955 is likely
out of reach. On the upside, 1.3065 is expected to be strong enough to cap any intraday bounce (minor resistance is at 1.3035).
1-3 WEEKS VIEW
Outlook is mixed; GBP could trade in an erratic manner between 1.2900 and 1.3200.
While our view has been proven wrong on many occasions before, to be proven wrong within a single day is not exactly common. When
GBP edged above the top of our previously expected 1.2900/1.3200 range last Friday, we indicated yesterday (03 Feb, spot at 1.3175)
that “the risk has shifted to the upside towards 1.3285”. However, GBP nosed dived and gave up most if not all of its strong gains from
late last week as it plunged by -1.55% (the largest 1-day drop since Nov 2018). The recent sharp and rapid but short-lived price actions
have resulted in a mixed outlook. From here, we are reverting back to our view from earlier last week wherein GBP is expected to trade
in an erratic manner between the two major levels of 1.2900 and 1.3200.
1-3 MONTHS VIEW
Waning upward momentum suggests GBP/USD could be in the early stages of correction phase. (dated 31 Jan 2020). Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2955 R1: 1.3065
1.3204 1.3204 1.2984 1.3000 -1.55% -0.41% -1.26% -2.00%
S2: 1.2900 R2: 1.3200
FX Insights
Tuesday, 04 February 2020
4|P a g eAUD/USD: 0.6690
24-HOUR VIEW
Further range trading in AUD would not be surprising but a breach of key levels could lead to a rapid move.
Our expectation for AUD to trade sideways was not wrong even though the registered range of 0.6684/0.6707 was surprisingly narrow
(we expected AUD to trade between 0.6675 and 0.6715). Momentum indicators are still mostly neutral but while further range trading
would not be surprising, a breach of last year’s 0.6670 low could potentially lead to a rapid drop to the next support at 0.6645.
Conversely, a break of 0.6720 could lead to a test of the strong resistance at 0.6745.
1-3 WEEKS VIEW
Prospect for a break of 0.6670 has increased but the next support at 0.6620 could be out of reach.
AUD traded in a surprisingly narrow range of 0.6684/0.6707 yesterday (03 Feb) as it hovers above the 2019 low of 0.6670. While
downward momentum has eased somewhat, the lack of a meaningful bounce suggests that the prospect for a break of 0.6670 has
increased despite the current severely oversold conditions. That said, the pace of any decline is likely to be slower and the next support
at 0.6620 could be out of reach. On the upside, AUD has to move and stay above 0.6760 (‘strong resistance’ level previously at 0.6780)
in order to indicate that the weak phase that started in early January has stabilized.
1-3 MONTHS VIEW
AUD/USD could take longer to form a mid- to long-term bottom. (dated 31 Jan 2020). Read More.
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6670 R1: 0.6720
0.6685 0.6707 0.6684 0.6693 +0.09% -0.99% -3.57% -4.63%
S2: 0.6620 R2: 0.6745
FX Insights
Tuesday, 04 February 2020
5|P a g eNZD/USD: 0.6465
24-HOUR VIEW
NZD is expected to trade sideways, likely between 0.6450 and 0.6485.
Our expectation for the “weakness in NZD to extend further” did not materialize as NZD edged one pip below Friday’s low of 0.6454
before trading sideways. Downward momentum has eased considerably and the current movement is viewed as part of a consolidation
phase. In other words, NZD is expected to trade sideways, likely between 0.6450 and 0.6485.
1-3 WEEKS VIEW
NZD has to close below the solid 0.6460 support before further weakness to 0.6420 can be expected.
The pace of the decline in NZD appears to have slowed as NZD traded in a quiet manner between 0.6453 and 0.6479 yesterday (03
Feb). For now, we are holding to our view from last Friday (31 Jan, spot at 0.6485) wherein “NZD has to close below the solid 0.6460
support before further weakness to 0.6420 can be expected”. On the upside, NZD has to move above 0.6520 (no change in ‘strong
resistance’ level) in order to indicate that the current weakness has stabilized.
1-3 MONTHS VIEW
Three-month rally has topped at 0.6755; NZD/USD is likely in a correction phase. (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6450 R1: 0.6485
0.6475 0.6479 0.6453 0.6464 0% -1.25% -3.07% -3.96%
S2: 0.6420 R2: 0.6520
FX Insights
Tuesday, 04 February 2020
6|P a g eUSD/JPY: 108.60
24-HOUR VIEW
USD is expected to trade sideways between 108.30 and 108.90.
The weakness in USD from last Friday stabilizes sooner than expected as it traded between 108.31 and 108.79 (we were expecting
another leg lower to 108.05). The current movement is viewed as on-going consolidation phase and USD is expected to trade between
108.30 and 108.90 for today.
1-3 WEEKS VIEW
Further USD weakness would not be surprising but prospect for a move to 107.65 is not high.
No change in view from yesterday, see reproduced update below.
It took a few days but the 108.40 level that was first indicated last Tuesday (28 Jan, spot at 108.95) finally came into the picture as USD
dropped to 108.30. The price action is timely as we indicated earlier last Friday (31 Jan, spot at 108.95) that “USD has to move and stay
below 108.60 within these 1 to 2 days or the odds for further weakness would diminish quickly”. While the weak daily closing in NY
suggests the risk of a recovery has dissipated, downward momentum has not improved by as much as preferred. From here, further USD
weakness would not be surprising but at this stage, the prospect for a move to last month’s low near 107.65 is not high. On the upside,
the ‘strong resistance’ level has moved lower to 109.15 from last Friday’s level of 109.50.
1-3 MONTHS VIEW
USD/JPY is likely to consolidate and trade sideways between the two major levels of 106.50 and 110.65. (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 108.05 R1: 108.90
108.40 108.79 108.31 108.67 +0.26% -0.20% +0.28% 0%
S2: 107.65 R2: 109.15
FX Insights
Tuesday, 04 February 2020
7|P a g eUSD/CNH: 7.0060
24-HOUR VIEW
USD is expected to trade sideways, likely not moving much out of yesterday’s 6.9858/7.0230 range.
Expectation for USD to “advance to 7.0280” did not materialize as it traded sideways after touching 7.0230. Upward momentum has
waned and further USD strength is not expected. For today, USD is expected to trade sideways, likely not moving much out of
yesterday’s 6.9858/7.0230 range.
1-3 WEEKS VIEW
Slowing momentum and overbought conditions suggest 7.0400 could be just out of reach this time round.
While our view from last Tuesday (28 Jan, spot at 6.9780) wherein “USD could extend its gains to 7.0400” still stands, upward
momentum appears to slowing and this coupled with overbought conditions suggest 7.0400 could be just out of reach this time round.
However, only a breach of 6.9680 (‘strong support’ previously at 6.9500) would indicate that strong advance that started in mid-Jan has
run its course.
1-3 MONTHS VIEW
Scope for recovery in USD/CNH to extend further but a rise beyond the strong cluster of resistance at 7.0850 is unlikely. (dated 31 Jan
2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.9860 R1: 7.0280
6.9889 7.0230 6.9858 7.0107 +0.11% +0.36% +0.54% +0.79%
S2: 6.9680 R2: 7.0400
FX Insights
Tuesday, 04 February 2020
8|P a g eEUR/SGD: 1.5150
24-HOUR VIEW
EUR could edge higher but any gain is viewed as part of a 1.5120/1.5200 range (a sustained rise above 1.5200 is not expected).
We expected EUR to strengthen yesterday but were of the view that “overbought conditions may limit gains to a test of last month’s top
near 1.5160”. EUR subsequently rose to 1.5170 before tumbling to an overnight low of 1.5093. From here, EUR could edge above the
1.5170 but any gain is viewed as part of a 1.5120/1.5200 range (a sustained rise above 1.5200 is not expected).
1-3 WEEKS VIEW
EUR could strengthen further to 1.5220, with room for a test of 1.5260.
No change in view, see reproduced update from yesterday. However, the ‘strong support’ level has moved higher to 1.5060 from 1.5010.
While our call for a “short-term bottom” was relatively early (see update from last Tuesday, 28 Jan when EUR was trading at 1.4960), we
did not anticipate the sudden upward acceleration (EUR gained +0.81% last Friday, the largest 1-day advance in about 6 months). From
a longer term perspective, the price action suggests that last month’s low at 1.4883 could turn out to be a significant bottom. In the
meanwhile, the strong advance could extend to 1.5220, with room for a test of the major resistance at 1.5260. All in, further EUR
strength is still likely as long as 1.5010 is intact (‘strong support’ was at 1.4940 last Friday). On a shorter-term note, 1.5065 is already a
strong support level.
1-3 MONTHS VIEW
EUR/SGD is likely to trade sideways between 1.4800 and 1.5260. (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.5060 R1: 1.5200
1.5139 1.5170 1.5093 1.5135 -0.03% +1.19% +0.19% +0.49%
S2: 1.5010 R2: 1.5220
FX Insights
Tuesday, 04 February 2020
9|P a g eBe GBP/SGD: 1.7800
24-HOUR VIEW
Rapid drop in GBP has scope to edge lower to 1.7750.
Our expectation for GBP to “advance further” was incorrect as it plunged and gave up most if not all of its strong gains from late last
week. While the rapid drop is running ahead of itself, there is scope for GBP to edge lower to 1.7750 (next support is at 1.7700).
Resistance is at 1.7830 followed by 1.7860.
1-3 WEEKS VIEW
GBP is expected to trade sideways for a period.
Our call from yesterday (03 Feb, spot at 1.7990) to ‘upgrade’ our recent positive view in GBP (we expected GBP to test 1.8150) was
proven wrong quickly as it staged a surprisingly sharp drop of -1.27% (1.7784). The break of the ‘strong support’ at 1.7850 indicates that
the positive phase that started in late January has run its course. From here, GBP is expected to trade sideways for a period, likely within
a broad 1.7600/1.8000 range.
1-3 MONTHS VIEW
GBP/SGD is in a consolidation phase and is likely to trade sideways for now. (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.7700 R1: 1.7860
1.8031 1.8031 1.7769 1.7784 -1.27% +0.37% +0.12% -0.21%
S2: 1.7600 R2: 1.8000
FX Insights
Tuesday, 04 February 2020
10 | P a g eAUD/SGD: 0.9160
24-HOUR VIEW
Firmed underlying tone in AUD is likely to translate into a higher trading range.
AUD traded between 0.9115 and 0.9175 yesterday, wider than our expected sideway-trading range of 0.9115 and 0.9165. The
underlying tone appears to have firmed somewhat but at this stage, this would likely translate into a higher trading range of
0.9135/0.9195 (too early to expect a sustained rebound).
1-3 WEEKS VIEW
Chance for AUD to test 0.9100 but further weakness is likely only if AUD can close below this level.
AUD eked out a fresh low of 0.9115 yesterday before staging a relatively robust rebound of +0.28% (0.9158). For now, we continue to
hold on to our view from last Friday (31 Jan, spot at 0.9145) wherein there is chance for AUD to test 0.9100 but further weakness is likely
only if there is a daily closing below this level. On the upside, a breach of 0.9205 (no change in ‘strong resistance’ level) would suggest
that that the month-long weak phase (see annotations in the chart below) has run its course.
1-3 MONTHS VIEW
Near-term risk for AUD/SGD is on the downside but 0.8950 is likely out of reach. (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.9135 R1: 0.9195
0.9129 0.9175 0.9115 0.9158 +0.28% -0.19% -2.16% -2.94%
S2: 0.9100 R2: 0.9205
FX Insights
Tuesday, 04 February 2020
11 | P a g eJPY/SGD: 1.2605
24-HOUR VIEW
JPY could continue to strengthen but the major resistance at 1.2650 could be just out of reach for now.
We highlighted yesterday the “rally in JPY could grind higher towards 1.2620”. However, JPY only touched 1.2619. Upward momentum
has improved slightly and for today, a move above 1.2620 would not be surprising. That said, the major resistance at 1.2650 could be
just out of reach for now. Support is at 1.2570 followed by 1.2550.
1-3 WEEKS VIEW
Any further advance in JPY towards 1.2650 is likely to be at a slower pace.
No change in view from yesterday, see reproduced update below. However, the ‘strong support’ level has moved higher to 1.2500 from
1.2460.
While our call for a “short-term bottom” in JPY was relatively early (see update on 21 Jan when JPY was trading at 1.2280), we did not
anticipate the rapid upward acceleration (our latest narrative was from Friday wherein JPY has to close above 1.2565 before further
gains can be expected). JPY not only cracked 1.2565 but also another major resistance at 1.2585 as it rose to a 3-month high of 1.2601.
The strong upward pressure is still clearly intact but overbought conditions suggest any further advance is likely to be at a slower pace.
From here, we have a relatively modest target of 1.2650. At this stage, the next resistance at 1.2700 is likely out of reach. On the
downside, the ‘strong support’ level has moved sharply higher to 1.2460 from Friday’s level of 1.2400.
1-3 MONTHS VIEW
Outlook remains mixed; JPY/SGD could continue to trade in a choppy manner. (dated 31 Jan 2020) Read more
LEVELS
Ranges 03 Feb 20 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2550 R1: 1.2650
1.2585 1.2619 1.2567 1.2592 +0.02% +1.01% +1.17% +1.85%
S2: 1.2500 R2: 1.2700
FX Insights
Tuesday, 04 February 2020
12 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 1Q20 2Q20 3Q20 4Q20 Rates Outlook 1Q20 2Q20 3Q20 4Q20
EUR/USD 1.11 1.11 1.13 1.15 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.31 1.31 1.32 1.32 UK 0.75% 0.75% 0.75% 0.75%
2 0.67 0.67 0.68 0.69
AUD/USD AU 0.75% 0.75% 0.75% 0.75%
0.69 0.69 0.70 0.70
0.64 0.64 0.65 0.66
NZD/USD NZ 1.00% 1.00% 1.00% 1.00%
0.65 0.65 0.66 0.66
106 108 110 112
USD/JPY2 JP -0.10% -0.20% -0.20% -0.20%
110 112 113 113
2 1.38 1.37 1.36 1.35
USD/SGD SG 1.45% 1.45% 1.45% 1.45%
1.37 1.38 1.39 1.39
4.15 4.11 4.08 4.05
USD/MYR2 MY 2.75% 2.75% 2.75% 2.75%
4.19 4.22 4.25 4.25
31.80 31.50 31.20 30.90
USD/THB2 TH 1.25% 1.25% 1.25% 1.25%
30.00 30.50 31.00 31.00
2 7.10 7.05 7.00 6.90 1 4.10% 4.00% 3.90% 3.90%
USD/CNY CN
7.08 7.10 7.20 7.20 3.95% 3.80% 3.80% 3.80%
13,900 13,800 13,700 13,700
USD/IDR2 ID 4.75% 4.75% 4.75% 4.75%
14,200 14,300 14,400 14,500
52.00 51.50 51.00 50.50
USD/PHP2 PH 3.75% 3.50% 3.50% 3.50%
51.50 51.80 52.00 52.00
72.50 73.00 73.50 74.00
USD/INR2 IN 4.90% 4.90% 4.90% 4.90%
72.50 73.00 73.60 73.60
2 30.80 30.50 30.30 30.00
USD/TWD TW 1.38% 1.38% 1.38% 1.38%
30.50 30.80 31.00 31.00
7.78 7.78 7.80 7.80
USD/HKD2 HK 1.75% 1.75% 1.75% 1.75%
7.85 7.85 7.80 7.80
1,220 1,210 1,200 1,190
USD/KRW 2 KR 1.25% 1.25% 1.25% 1.25% Last
1,200 1,210 1,220 1,220
updat
US 1.50% 1.50% 1.50% 1.50% ed on
06
Dec 19: Quarterly Global Outlook 1Q 2020
1
Last updated on 20 Jan 20: China: Revising Our LPR Forecasts
1
Last updated on 03 Feb 20: Coronavirus Outbreak Provides Temporary Boost For The US Dollar
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 28** - 16 22** - 17 29** - 18**
Monetary Authority of Singapore (MAS) - - - tba - - - - - 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 21 25 16 20 18 22 19 24 21 19
Bangko Sentral ng Pilipinas (BSP) - 06 19 - 21 25 - 20 - 01 19 17
Bank of Korea (BOK) 17 27 - 09 28 - 16 27 - 14 26 -
Taiwan Central Bank (CBC) - - - - - - - - - - - -
Reserve Bank of India (RBI) - 06 - tba - 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
Tuesday, 04 February 2020
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, 04 February 2020 14 | P a g e
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