In view of FX Strategists at UOB Group, the pair’s outlook remains on the neutral side in the near term.
Key Quotes
24-hour view: “USD rebounded strongly and rapidly from an overnight low of 109.36 and hit a high of 110.02 (before pulling back sharply to current level of 109.65). The choppy price action has resulted in a mixed outlook and further volatile trading within a broad range seems likely. Expected range for today; 109.30/110.10″.
Next 1-3 weeks: “USD traded in a choppy manner yesterday as it dropped to a low of 109.35 before rebounding quickly. The price action offers no further clue and we continue to hold a neutral view and expect USD to trade sideways within a 109.10/110.65 consolidation range for now. Looking ahead, the downside appears to be more vulnerable and a clear break of 109.10 would suggest that USD is ready to test last month’s low near 108.10″.
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