USD/CNH is still seen navigating the 7.0900/7.src800 range for the time being, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: We expected USD to trade in a range of 7.src200/7.src600 last Friday. However, USD fell to a low of 7.src050 and then rebounded. We view the price actions as part of a consolidation phase and expect USD to trade between 7.src200 and 7.src630 today.
Next src-3 weeks: There is not much to add to our update from last Friday (src6 Jun, spot at 7.src30). As highlighted, the recent USD strength has ended. USD has likely moved into a consolidation phase and is likely to trade between 7.0900 and 7.src800 for the time being.
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