USD/CNH still points to further consolidation – UOB By pabspiovano China Currencies Crosses Banks
remains side-lined within the 6.6500-6.8000 range in the short-term, according to FX Strategists at UOB Group Quek Ser Leang and Peter Chia.24-hour view: “We highlighted yesterday that ‘the rebound from the low amidst oversold conditions suggests that USD is unlikely to weaken further’ and we expected USD to ‘trade between 6.6580 and 6.7050’. USD subsequently trade within a narrower range than expected .
Next 1-3 weeks: “There is no change in our view from Monday . As highlighted, the recent choppy price actions have resulted in a mixed outlook and USD could trade within a broad range of 6.6500/6.8000 for now.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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