FX Strategists at UOB Group keep the neutral stance on USD/CNH, which is seen extending the consolidative mood in the next weeks.
Key Quotes
24-hour view: “We expected USD to ‘edge higher to 7.1050’ yesterday but it rose to 7.1087 before easing off. Despite the relatively rapid advance, upward momentum has not improved by much. For today, USD is likely to consolidate and trade between 7.0850 and 7.1100.”
Next 1-3 weeks: “USD traded in a relatively quiet manner last Friday and for now, we continue to hold the same view from last Thursday (16 Apr, spot at 7.0770) wherein USD ‘has likely moved into a consolidation phase” and “is likely to trade between 7.0450 and 7.1250 for a period.”
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