Share: Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group argue that USD/CNH could have embarked on a potential move to 7.3500. Key Quotes 24-hour view: We expected USD to trade sideways yesterday. However, USD took off … [Continue reading]
Optimism whales add 40 million OP tokens to their holdings
Optimism (OP) whales' spending pattern strongly suggests a widespread accumulation. These investors have accumulated tens of millions of OP tokens in the last two months. Considering that OP price has slumped 25% in the last month, these … [Continue reading]
USD/CHF extends its upside near 0.8900 amid USD demand, investors await US ISM Services PMI
Share: USD/CHF extends its upside near 0.8895 amid the strong USD and higher Treasury yield. July US Factory Orders came in at -2.1% MoM, below the market forecast of -0.1%. Market participants anticipate a 25 basis point (bps) rate rise for the … [Continue reading]
EUR/USD: Euro tumbles amid slowing EU’s business activity, drops below 1.0800
Share: EUR/USD pair fell to 1.0726, down 0.63%, as the Eurozone Producer Price Index and PMI data weakened than expected, signaling a slowing economy. Despite a contraction in business activity, ECB President Christine Lagarde maintains a hawkish … [Continue reading]
USD/JPY soars to 10-month high amid risk-aversion, rising US bond yields
Share: USD/JPY pair reaches a 10-month high of 147.70, driven by risk aversion and a surge in US 10-year Treasury bond yields to 4.261%. Despite positive business activity data from Japan, the Yen remains weak as China’s lower-than-expected Caixin … [Continue reading]
India: GDP surprised to the upside – UOB
Share: Suan Teck Kin, CFA, Head of Research at UOB Group, reviews the latest GDP figures in India. Key Takeaways India’s real GDP in the first quarter of FY23-24 (Apr-Jun quarter) expanded 7.8% y/y, the strongest in 4 quarters, accelerating from … [Continue reading]
AUD/USD Outlook: Post-RBA slump below 0.6400 confirms bearish flag pattern breakdown
Share: AUD/USD plummets below 0.6400 on Tuesday and is pressured by a combination of factors. The disappointing Chinese PMI and RBA's on-hold decision drive flows away from the Aussie. Bets for one more Fed rate hike in 2023 underpin the USD and … [Continue reading]
NZ FinMin Robertson defends RBNZ’s dual mandate
Share: Speaking at an event in Wellington on Tuesday, New Zealand Finance Minister Grant Robertson voiced his support for the Reserve Bank of New Zealand’s (RBNZ) dual mandate. Key quotes Central bank’s dual mandate as “normal” and not … [Continue reading]
South Korea FX Reserves fell from previous 421.8B to 418.3B in August
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 … [Continue reading]
USD/MXN extends gains after Banxico’s slash currency hedge program, back above 17.1500
Share: Banxico’s decision to reduce its currency hedging program sends the pair higher. US Nonfarm Payrolls beat expectations but rising Unemployment Rate stalls USD rally. Cleveland’s Fed President Loretta Mester remains hawkish on US interest … [Continue reading]