USD/CNH: No changes to the consolidative mood – UOB

Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group see USD/CNH keeping the side-lined trading between 7.0600 and 7.2100 for the time being.

Key Quotes

24-hour view: “Our view for USD to weaken yesterday was incorrect as it soared to a high of 7.1837 before quickly falling back down. The sharp but short-lived swings have resulted in a mixed outlook. We expect USD to trade between 7.1200 and 7.1650 today.”

Next 1-3 weeks: “We continue to hold the same view as from last Friday (18 Nov, spot at 7.1460) where USD has likely moved into a consolidation phase. We expect USD to trade sideways for now, likely to be between 7.0600 and 7.2100.”