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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Friday, 16 April 2021 US equities closed at record-highs on Thursday, thanks to solid earnings results and very strong US
economic data. The CBOE volatility Index (VIX) or “fear index” edged lower to 16.57 (from 16.99
previously). US Treasuries rose alongside the equities rally, sending yields lower, especially for the
longer duration. The US dollar had a mixed session against the major currencies, with the US Dollar
Quek Ser Leang
Quek.SerLeang@uobgroup.com index (DXY) ending marginally lower at 91.671 (from the previous close of 91.690).
Lee Sue Ann EUR retreated against the dollar with the EUR/USD trading to an intraday low of 1.1956, before ending
Lee.SueAnn@uobgroup.com the NY session at 1.1967 (from 1.1980). In comparison, GBP/USD closed higher at 1.3787 (from 1.3779)
and the Japanese yen also continued to appreciate against the dollar as the USD/JPY pair ended the
day lower at 108.76 (from 108.93). AUD and NZD again led the gains against the dollar among the G10
FX majors as the AUD/USD closed higher at 0.7752 (from previous close of 0.7728) while the NZD/USD
settled higher at 0.7170 (from 0.7141 previously).
The US dollar remained weak as risk on mode prevailed amidst the strong equities rally in the US. As
such, both the onshore CNY and offshore CNH took the lead to strengthen further. Both USD/CNY and
USD/CNH fell further from the 6.54 handle to the mid-6.52s, while USD/KRW was pinned down just
above 1,116. In South Asia, USD/MYR eased from 4.13 to 4.1230, USD/PHP drifted down from 48. 50
to 48.55 and USD/IDR range traded just above 14,600. As for USD/SGD, an earlier attempt to rebound
failed and it fell back from 1.3370 to 1.3350. Overall as previously expected, the Asia Dollar Index
(ADXY) strengthened from 107.80 to 108.10, making the recovery back above the 108 headline level.
For today, we can expect the conducive environment to continue to add further strength to Asian FX.
The US data docket is lighter on Friday, which include the April University of Michigan consumer
confidence sentiment, March housing starts and building permits. In Europe, we have February trade
balance data from Italy and Eurozone, and the final print for March CPI for Eurozone. As for G7 central
bank speakers, Dallas Fed President Kaplan (non-voter in 2021 FOMC) will be speaking at two separate
webinars and he is likely the last senior Fed official speaking in public before the FOMC blackout period
(which starts on 17 April till 29 April). Bank of England deputy (BOE) Governor for Financial Stability
Cunliffe and deputy Governor for Prudential Regulation Woods, will both speak on regulatory
technology in a webinar today.
Recent publications:
15 Apr 21: Indonesia: Trade Surplus Continued As Exports And Imports Surged In March
15 Apr 21: Singapore: Recalibrating the UOB S$NEER; An Improvement From The Previous Model
15 Apr 21: South Korea: BOK Holds Interest Rate In April
15 Apr 21: New Zealand: RBNZ Holds Course
14 Apr 21: Singapore: MAS Keeps Monetary Policy Unchanged; 1Q21 Advance GDP Was Better-Than-
Expected
FX Insights
Friday, 16 April 2021
1|P a g eUSD/SGD: 1.3345
24-HOUR VIEW
Room for USD to test 1.3330 but a clear break of this level is unlikely.
Yesterday, we held the view that USD “could edge below 1.3350 but the next major support at 1.3330 is likely out of reach”. Our view was
not wrong as edged to a low of 1.3338 before closing at 1.3346 (-0.10%). While downward momentum is beginning to wane, there is room
for USD test 1.3330 but a clear break of this level is unlikely and the next support at 1.3300 is not expected to come into the picture.
Resistance is at 1.3370 followed by 1.3390.
1-3 WEEKS VIEW
USD could breach 1.3330; next support at 1.3300 may not come into the picture.
We highlighted yesterday (15 Apr, spot at 1.3360) that USD “is under pressure but the solid support at 1.3330 may not be easy to break”.
USD subsequently dropped to 1.3338. While shorter-term momentum has waned somewhat, a breach of 1.3330 is not ruled out. However,
the next support at 1.3300 may not come into the picture. On the upside, a break of 1.3415 (no change in ‘strong resistance’ level) would
indicate that the weak phase in USD that started earlier last week (see annotations in the chart below) has stabilized.
1-3 MONTHS VIEW
USD/SGD is likely to strengthen in the second quarter of 2021. Resistance is as at 1.3560 followed by 1.3620. (dated 19 Mar 2021, 1.3410)
Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3330 R1: 1.3390
1.3355 1.3375 1.3338 1.3346 -0.10% -0.42% -0.83% +1.02%
S2: 1.3300 R2: 1.3415
FX Insights
Friday, 16 April 2021
2|P a g eEUR/USD: 1.1970
24-HOUR VIEW
EUR is likely to trade sideways between 1.1935 and 1.1985.
We highlighted yesterday that “while conditions remain overbought, the risk is still on the upside”. We added, “any further advance in EUR
is expected to face solid resistance at 1.2010”. However, EUR only managed to eke out a fresh high of 1.1993 before easing off.
Momentum is beginning to wane and EUR is unlikely to strengthen. For today, EUR is more likely to trade sideways between 1.1935 and
1.1985.
1-3 WEEKS VIEW
Overbought shorter-term conditions could slow the pace of advance but a break of 1.2010 would shift focus to 1.2065.
No change in view from yesterday, see reproduced update below.
There is not much to add to our update from yesterday (14 Apr, spot at 1.1950). As highlighted, “improved momentum is likely to lead to
further EUR strength and the next major resistance is at 1.2010”. Overbought shorter-term conditions could slow the pace of advance but
a break of 1.2010 would not be surprising. The next resistance is at 1.2065. On the downside, a breach of 1.1915 (‘strong support’ level
was at 1.1875 yesterday) would indicate that the EUR strength that started earlier last week (see annotations in the chart below) has run
its course.
1-3 MONTHS VIEW
Bias for EUR/USD is on the downside but any weakness is expected to encounter solid support at 1.1740. (dated 19 Mar 2021, 1.1970)
Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.1935 R1: 1.1985
1.1978 1.1993 1.1954 1.1965 -0.11% +0.44% +0.31% -2.03%
S2: 1.1915 R2: 1.2010
FX Insights
Friday, 16 April 2021
3|P a g eGBP/USD: 1.3775
24-HOUR VIEW
GBP is likely to trade between 1.3740 and 1.3800.
Yesterday, we noted that “upward momentum has not improved” and we expected GBP to “trade between 1.3740 and 1.3810”. GBP
subsequently traded within a narrower range than expected (1.3762/1.3809). The price actions offer no fresh clues and GBP is likely to
trade sideways for today, expected to be between 1.3740 and 1.3800.
1-3 WEEKS VIEW
GBP has to close above 1.3810 before a sustained advance can be expected.
There is not much to add to our update from yesterday (15 Apr, spot at 1.3780). As highlighted, while shorter-term momentum has not
improved by much, a break of 1.3810 is not ruled out (note that GBP tested 1.3810 twice the past two days with high of 1.3809). However,
GBP has to close above 1.3810 before a sustained advance can be expected (next resistance is at 1.3850). At this stage, the prospect for
such a move is not high but it would remain intact as long as GBP does not move below 1.3715 within these few days.
1-3 MONTHS VIEW
Risk for GBP/USD is tilted to the downside but any corrective pullback is expected to encounter solid support at 1.3530. (dated 19 Mar
2021, 1.3945) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3740 R1: 1.3810
1.3779 1.3809 1.3762 1.3781 +0.04% +0.33% -0.86% +0.87%
S2: 1.3715 R2: 1.3850
FX Insights
Friday, 16 April 2021
4|P a g eAUD/USD: 0.7740
24-HOUR VIEW
Scope for AUD to make another push higher but a clear break of 0.7785 is unlikely for now.
We expected AUD to “strengthen further” yesterday. We highlighted that “the major resistance at 0.7785 is likely out of reach and that
0.7760 is already quite a strong level”. Our view was not wrong as the advance in AUD stalled at 0.7761. While conditions remain
overbought and momentum is beginning to wane, there is scope for AUD to make another push higher towards 0.7785. For today, a clear
break of this level is unlikely. On the downside, a break of 0.7715 would indicate that the current upward pressure has eased.
1-3 WEEKS VIEW
Risk is for a higher AUD towards 0.7785.
We continue to hold the same view from yesterday (15 Apr, spot at 0.7730). As highlighted, “risk is for a higher AUD towards 0.7785”.
Shorter-term overbought conditions suggest that AUD may struggle to break 0.7785 within these few days. Looking ahead, the next
resistance is at 0.7820. A break of 0.7670 (‘strong support’ level was at 0.7645 yesterday) would indicate that the upside risk has dissipated.
1-3 MONTHS VIEW
Outlook for AUD/USD is tilted to the downside but any weakness is unlikely to challenge the September 2020 peak at 0.7413. (dated 19
Mar 2021, 0.7810) Read More
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7715 R1: 0.7760
0.7720 0.7761 0.7706 0.7748 +0.32% +1.23% -0.10% +0.72%
S2: 0.7670 R2: 0.7785
FX Insights
Friday, 16 April 2021
5|P a g eNZD/USD: 0.7165
24-HOUR VIEW
NZD is likely to consolidate and trade between 0.7135 and 0.7185.
We expected NZD to “strengthen further” yesterday but we were of the view that “the major resistance at 0.7200 is unlikely to come into
the picture”. Our view was not wrong as NZD rose to 0.7180. Momentum has waned somewhat and this coupled with overbought
conditions suggest that NZD is unlikely to strengthen much further. For today, NZD is more likely to consolidate and trade between 0.7135
and 0.7185.
1-3 WEEKS VIEW
Rapid improvement in momentum is likely to lead to further NZD strength towards 0.7200.
No change in view from yesterday, see reproduced update below.
We highlighted yesterday that “shorter-term momentum is showing sign of improving but only a clear break of 0.7100 would indicate that
NZD is ready to move higher on a sustained basis”. We did not anticipate the manner by which NZD blast past 0.7100 and rocketed to
0.7150. Rapid improvement in momentum is likely to lead to further NZD strength towards 0.7200. The current positive outlook for NZD is
deemed intact as long as it does not move below 0.7065 (‘strong support’ level).
1-3 MONTHS VIEW
NZD/USD is likely to trade with a downward bias but the 55-week exponential moving average is unlikely to come into the picture (dated
19 Mar 2021, 0.7240) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7135 R1: 0.7185
0.7138 0.7180 0.7138 0.7171 +0.43% +1.59% -0.40% -0.14%
S2: 0.7065 R2: 0.7200
FX Insights
Friday, 16 April 2021
6|P a g eUSD/JPY: 108.80
24-HOUR VIEW
USD is likely to trade sideways between 108.60 and 109.15.
Yesterday, we highlighted that “downward momentum has clearly waned but there is still room for USD to edge lower”. We added, “the
major support at 108.40 is likely out of reach”. Our view was not wrong as USD edged down to 108.60. Downward momentum has waned
further and USD is unlikely to weaken. For today, USD is more likely to trade sideways between 108.60 and 109.15.
1-3 WEEKS VIEW
Pullback in USD could extend to 108.40, with lower odds for extension to 108.00.
There is not much to add to our latest narrative from two days ago (14 Apr, spot at 108.85). As highlighted, the pullback in USD that started
earlier last week (see annotations in the chart below) could extend to 108.40. Extension to 108.00 is not ruled out but the odds are lower.
On the upside, a break of 109.40 (‘strong resistance’ level previously at 109.60) would indicate that the current downward pressure has
eased.
1-3 MONTHS VIEW
Strong rally in USD/JPY has more room to run; break of trend-line at 110.00 would not be surprising but the February 2020 peak near
112.20 is likely out of reach within 2Q2021. (dated 19 Mar 2021, 109.00) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 108.60 R1: 109.15
108.90 108.98 108.60 108.74 -0.16% -0.46% -0.35% +5.33%
S2: 108.40 R2: 109.40
FX Insights
Friday, 16 April 2021
7|P a g eUSD/CNH: 6.5305
24-HOUR VIEW
USD is likely to trade between 6.5200 and 6.5400.
Our expectation for USD to “test 6.5180 first before stabilizing” did not materialize as it traded between 6.5228 and 6.5440 before closing
little changed at 6.5270 (-0.07%). The current movement is viewed as part of a consolidation and USD is likely to trade between 6.5200
and 6.5400 for today.
1-3 WEEKS VIEW
Rapid improvement in momentum is expected to lead to further USD weakness but 6.5000 may not come into the picture so soon.
No change in view from yesterday, see reproduced update below.
Yesterday, we noted that USD “is under mild downward pressure and a daily closing below 6.5400 could lead to weakness towards 6.5300”.
We did not anticipate the subsequent sharp decline as USD dropped to 6.5255 before closing at 6.5317. The rapid improvement in
downward momentum is expected to lead to further USD weakness even though 6.5000 may not come into the picture so soon. Overall,
the current downward pressure in USD is deemed intact as long as it does not move above 6.5530 (‘strong resistance’ level was at 6.5630
yesterday).
1-3 MONTHS VIEW
Recovery in USD/CNH has plenty of room, both price and time-wise to extend further even though major resistance at 6.6700 could be
but of reach within the second quarter of 2021. (dated 19 Mar 2021, 6.4980) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.5200 R1: 6.5400
6.5295 6.5440 6.5228 6.5270 -0.07% -0.46% +0.44% +0.39%
S2: 6.5000 R2: 6.5530
FX Insights
Friday, 16 April 2021
8|P a g eEUR/SGD: 1.5965
24-HOUR VIEW
EUR is likely to trade between 1.5945 and 1.6000.
Our expectation for EUR to “test 1.6035 first before easing” did not materialize as it eased off from 1.6014. Upward momentum has more
or less dissipated and EUR is likely to trade between 1.5945 and 1.6000 for today.
1-3 WEEKS VIEW
EUR has to break of 1.6035 soon or the risk of a short-term top would increase quickly.
Two days ago (14 Apr, spot at 1.6005), we held the view that EUR “could strengthen towards 1.6035, possibly 1.6060”. EUR rose to
1.6014 yesterday before easing off. Shorter-term momentum is beginning to wane and this coupled with overbought conditions indicate
that EUR has to break of 1.6035 soon or the risk of a short-term top would increase quickly. Conversely, a break of 1.5930 (no change in
‘strong support’ level) would indicate that the positive phase that started last week (see annotations in the chart below) has run its course.
1-3 MONTHS VIEW
EUR/SGD could trade sideways, roughly between the two major levels of 1.5855 and 1.6350. (dated 19 Mar 2021, 1.6030) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.5945 R1: 1.6000
1.5997 1.6014 1.5959 1.5971 -0.16% +0.02% -0.52% -1.00%
S2: 1.5930 R2: 1.6035
FX Insights
Friday, 16 April 2021
9|P a g eGBP/SGD: 1.8380
24-HOUR VIEW
GBP could drift lower to 1.8340; a clear break of this level is unlikely.
Yesterday, we expected GBP to trade sideways between 1.8370 and 1.8445. GBP subsequently traded within a narrower range than
expected (1.8367/1.8420). The underlying tone has weakened somewhat and this could lead to GBP drifting lower to 1.8340. A clear
break of this level is unlikely. Resistance is at 1.8400 followed 1.8420.
1-3 WEEKS VIEW
Underlying tone has weakened but GBP has to close below 1.8300 before a sustained decline can be expected.
There is not much to add to our update from Tuesday (13 Apr, spot at 1.8420). As highlighted, GBP has moved into a consolidation phase
and is likely to trade between 1.8340 and 1.8550. The underlying tone has weakened and a break of 1.8340 is not ruled out. That said,
GBP to close below 1.8300 before a sustained decline can be expected. At this stage, the chance of GBP breaking 1.8300 is not high but
it would remain intact unless GBP moves above 1.8450 within these few days.
1-3 MONTHS VIEW
Overbought rally has room to extend but it is left to be seen if GBP/SGD can maintain a foothold above the 2018 peak of 1.8815. Next
resistance is at 1.9000. (dated 19 Mar 2020, 1.8700) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.8340 R1: 1.8420
1.8402 1.8420 1.8367 1.8393 -0.05% -0.09% -1.64% +1.84%
S2: 1.8300 R2: 1.8450
FX Insights
Friday, 16 April 2021
10 | P a g eAUD/SGD: 1.0325
24-HOUR VIEW
AUD is likely to trade sideways between 1.0300 and 1.0350.
We highlighted yesterday that the “sharp rally in AUD has scope to extend but overbought conditions indicate that any advance could be
limited to 1.0350”. However, AUD rose a few pips above 1.0350 (high of 1.0353) before easing off. The combination of overbought
conditions and waning momentum suggests further AUD strength is unlikely. For today, AUD is likely to trade sideways between 1.0300
and 1.0350.
1-3 WEEKS VIEW
AUD is expected to trade with an upward bias but 1.0385 may not come into the picture so soon.
There is not much to add to our update from yesterday (15 Apr, spot at 1.0320). As highlighted, AUD is expected to trade with an upward
bias but 1.0385 may not come into the picture so soon. A break of 1.0250 (no change in ‘strong support’ level) would indicate that the
current upward pressure has eased.
1-3 MONTHS VIEW
AUD/SGD could strengthen but lackluster momentum suggests odds for a sustained rise above the 2018 peak of 1.0630 are not high.
(dated 19 Mar 2021, 1.0490) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0300 R1: 1.0350
1.0310 1.0353 1.0300 1.0343 +0.32% +0.83% -0.89% +1.77%
S2: 1.0250 R2: 1.0385
FX Insights
Friday, 16 April 2021
11 | P a g eJPY/SGD: 1.2270
24-HOUR VIEW
JPY is likely to trade sideways between 1.2250 and 1.2300.
JPY traded between 1.2250 and 1.2287 yesterday, narrower than our expected sideway-trading range of 1.2250/1.2300. The quiet price
actions offer no fresh clues and we continue to expect JPY to trade sideways between 1.2250 and 1.2300.
1-3 WEEKS VIEW
Break of 1.2230 would indicate that the upside risk for JPY has dissipated.
In our latest narrative from Wednesday (14 Apr, spot at 1.2295), we noted that “upward momentum has improved and a break of 1.2315
would shift the focus to 1.2350”. Since then, JPY has not been able to make much headway on the upside. For now, we continue to hold
the same view but a break of 1.2230 (no change in ‘strong support’ level) would indicate that the upside risk has dissipated.
1-3 MONTHS VIEW
JPY/SGD could breach the 2020 low of 1.2200; chance for decline to extend to the 2019 low of 1.2060 is not high. (dated 19 Mar 2021,
1.2330) Read more
LEVELS
Ranges 15 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2250 R1: 1.2300
1.2260 1.2287 1.2250 1.2274 +0.13% +0.05% -0.48% -4.04%
S2: 1.2230 R2: 1.2315
FX Insights
Friday, 16 April 2021
12 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 2Q21 3Q21 4Q21 1Q22 Rates Outlook 2Q21 3Q21 4Q21 1Q22
EUR/USD 1.18 1.19 1.20 1.20 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.38 1.40 1.41 1.42 UK 0.10% 0.10% 0.10% 0.10%
AUD/USD 0.77 0.78 0.79 0.79 AU 0.10% 0.10% 0.10% 0.10%
NZD/USD 0.72 0.73 0.74 0.74 NZ 0.25% 0.25% 0.25% 0.25%
USD/JPY 109 108 107 107 JP -0.10% -0.10% -0.10% -0.10%
USD/SGD 1.35 1.33 1.32 1.32 SG (3M SOR) 0.25% 0.25% 0.25% 0.25%
USD/MYR 4.15 4.10 4.05 4.05 MY 1.75% 1.75% 1.75% 1.75%
USD/THB 31.10 31.20 31.50 31.50 TH 0.50% 0.50% 0.50% 0.75%
USD/CNY 6.55 6.50 6.40 6.40 CN 3.85% 3.85% 3.85% 3.85%
USD/IDR 14,600 14,700 14,800 14,800 ID 3.50% 3.50% 3.50% 3.75%
USD/PHP 48.50 48.20 48.00 48.00 PH 2.00% 2.00% 2.00% 2.00%
USD/INR 74.00 74.50 75.00 75.50 IN 4.00% 4.00% 4.00% 4.00%
USD/TWD 28.50 28.30 28.20 28.20 TW 1.13% 1.13% 1.13% 1.13%
USD/HKD 7.75 7.75 7.75 7.75 HK 0.50% 0.50% 0.50% 0.50%
USD/KRW 1,150 1,130 1,100 1,100 KR 0.50% 0.50% 0.50% 0.50%
US 0.25% 0.25% 0.25% 0.25%
Last updated on 31 Mar 21: Potent Fiscal Forces To Fuel More USD Uncertainty
Last Updated on 19 Mar 21: From Reflation Bliss To Inflation Woes
Central Bank Meetings 2021
Central Bank Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Federal Reserve (FOMC) 27 - 17* 28 - 16* 28 - 22* - 03 15*
European Central Bank (ECB) 21 - 11 22 - 06 22 - 09 28 - 16
Bank of England (BOE) - 04# 18 - 06# 24 - 05# 23 - 04# 16
Reserve Bank of Australia (RBA) - 02 02 06 04 01 07 03 07 05 02 07
Reserve Bank of New Zealand (RBNZ) - 24^ - 14 26^ - 14 18^ - 06 24^ -
Bank of Japan (BOJ) 21** - 19 27** - 18 16** - 22 28** - 17**
Monetary Authority of Singapore (MAS) - - - 14 - - - - - tba - -
Bank Negara Malaysia (BNM) 20 - 04 - 06 - 08 - 09 - 03 -
Bank of Thailand (BOT) - 03 24 - 05 23 - 04 29 - 10 22
Bank Indonesia (BI) 23 18 18 14 19 18 16 19 17 13 19 17
Bangko Sentral ng Pilipinas (BSP) - 11 25 - 13 23 - 12 23 - 11 16
Bank of Korea (BOK) 15 25 - 15 27 - 15 26 - 12 25 -
Taiwan Central Bank (CBC) - - 18 - - 17 - - 23 - - 16
Reserve Bank of India (RBI) - 5 - 07 - - - - - - - -
*Meetings associated with a Summary of Economic Projections.
#
Meetings associated with release of Monetary Policy Report.
^Meetings associated with release of Monetary Policy Statement.
**Meetings associated with release of Outlook Report.
FX Insights
Friday, 16 April 2021
13 | P a g eDisclaimer This publication is strictly for informational purposes only and shall not be transmitted, disclosed, copied or relied upon by any person for whatever purpose, and is also not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to its laws or regulations. This publication is not an offer, recommendation, solicitation or advice to buy or sell any investment product/securities/instruments. Nothing in this publication constitutes accounting, legal, regulatory, tax, financial or other advice. Please consult your own professional advisors about the suitability of any investment product/securities/ instruments for your investment objectives, financial situation and particular needs. The information contained in this publication is based on certain assumptions and analysis of publicly available information and reflects prevailing conditions as of the date of the publication. Any opinions, projections and other forward-looking statements regarding future events or performance of, including but not limited to, countries, markets or companies are not necessarily indicative of, and may differ from actual events or results. The views expressed within this publication are solely those of the author’s and are independent of the actual trading positions of United Overseas Bank Limited, its subsidiaries, affiliates, directors, officers and employees (“UOB Group”). Views expressed reflect the author’s judgment as at the date of this publication and are subject to change. UOB Group may have positions or other interests in, and may effect transactions in the securities/instruments mentioned in the publication. UOB Group may have also issued other reports, publications or documents expressing views which are different from those stated in this publication. Although every reasonable care has been taken to ensure the accuracy, completeness and objectivity of the information contained in this publication, UOB Group makes no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability relating to any losses or damages howsoever suffered by any person arising from any reliance on the views expressed or information in this publication. FX Insights Friday, 16 April 2021 14 | P a g e
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