USDCNH: Scope for extra decline near term – UOB – by pabspiovano China Currencies Crosses Banks
keeps the downside pressure it could retest the 7.0130 region in the short term, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We highlighted yesterday that ‘there is a chance for USD to drop to 7.0450 before the risk of a rebound increases’. However, USD dropped to 7.0200 first before rebounding. USD appears to have moved into a consolidation phase and is likely to trade within a range of 7.0260/7.0800 today.
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