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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Tuesday, 20 April 2021 US equities slipped from record-levels to start the week on Monday as weakness in the technology
sector weighed on the broader market. US Treasury yields were higher on Monday even as equities
markets fell, as market participants looked ahead to a Wednesday bond auction. The closely watched
part of the US Treasury yield curve measuring the gap between yields on 2- and 10-year Treasury notes,
Quek Ser Leang
Quek.SerLeang@uobgroup.com seen as an indicator of economic expectations, was at 144bps, about a basis point higher than Friday's
close. The US dollar slumped to a six-week low against major peers on Monday. The US Dollar index
Lee Sue Ann (DXY) tumbled to 91.034 before closing at around 91.069.
Lee.SueAnn@uobgroup.com
EUR/USD traded through 1.20 for the first time since 4 March and USD/JPY broke below 108.34 for
the first time since 5 March. Similar strength was seen in the AUD and NZD, and the NOK was the best
performer, with EUR/NOK trading below 10 to its lowest level in more than a year. GBP put in a much
stronger performance, reversing all its weakness of the morning session with EUR/GBP trading briefly
below 0.86 to its lowest since 7 April.
Asian FX were similarly mixed on Monday’s closing. Gainers which appreciated against the greenback
included the TWD (+0.49%), SGD (+0.28%), CNY (+0.16%) and IDR (+0.12%), while losses were seen
in INR (-0.71%) and KRW (-0.07%). Accounting for the movements, the Asian Dollar Index rose 0.16%.
The SGD NEER is currently trading at 0.87% above the mid-point. We expect the SGD NEER to trade
between +0.6% and +1.2% above midpoint, which implies USD/SGD range of 1.3261 - 1.3342.
The global economic docket looks relatively quiet on Tuesday, with the latest UK jobs data due. In Asia,
the economic docket today will feature Bank Indonesia (BI)’s latest monetary policy decision, with
market estimates expecting no change to its 7d- reverse repo rate at 3.50%. Elsewhere, Taiwan will
publish its export orders for March.
Recent publications:
19 Apr 21: US Apr 2021 FX Report: Resetting FX Relations, No Currency Manipulator, Enhanced
Engagement With 3 Economies
16 Apr 21: China: GDP Surged 18.3% y/y In 1Q21 With A More Broad-based Recovery
16 Apr 21: Singapore: Very Upbeat March Trade Data To Lift NODX Outlook
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
FX Insights
Tuesday, 20 April 2021
1|P a g eUSD/SGD: 1.3300
24-HOUR VIEW
USD could weaken further; oversold conditions suggest a sustained decline below 1.3275 is unlikely.
The rapid manner by which USD plummeted to 1.3298 came as a surprise (we were expecting USD to trade sideways). While the decline
is oversold, there are no signs of stabilization just yet. In other words, USD could weaken further but in view of the oversold conditions, a
sustained decline below 1.3275 is unlikely (next support is at 1.3250). Resistance is at 1.3315 but only a move above 1.3330 would
indicate the current USD weakness has stabilized.
1-3 WEEKS VIEW
Further USD weakness is not ruled out but it is left to be seen if it can move below the next support at 1.3250.
While we have held a negative USD view for two weeks now (see annotations in the chart below), in our latest narrative from last Friday
(16 Apr, spot at 1.3345), we highlighted that “the next support at 1.3300 may not come into the picture”. In that context, the swift and sharp
drop to 1.3298 during NY session came as a surprise. Further USD weakness is not ruled out but in view of the oversold conditions, it is
left to be seen if USD could move below the next support at 1.3250. On the upside, a break of 1.3355 (‘strong resistance’ level was at
1.3395 yesterday) would indicate that the weak phase has run its course.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3275 R1: 1.3330
1.3348 1.3350 1.3298 1.3301 -0.31% -0.78% -0.93% +0.68%
S2: 1.3250 R2: 1.3355
FX Insights
Tuesday, 20 April 2021
2|P a g eEUR/USD: 1.2035
24-HOUR VIEW
Momentum remains strong; EUR could advance further to 1.2065.
We did not anticipate the sudden surge in EUR that blew past the solid resistance zone between 1.2000 and 1.2010 (high of 1.2048).
Upward momentum remains strong and EUR could advance further towards 1.2065. For today, the next resistance at 1.2115 is unlikely
to come into the picture. Support is at 1.2015 followed by 1.1995.
1-3 WEEKS VIEW
Upward momentum has been boosted; the next level to focus on in EUR is at 1.2115.
We have held a positive outlook in EUR for two weeks now (see annotations in the chart below). As the advance in EUR struggled to break
1.2000, we highlighted yesterday (19 Apr, spot at 1.1970) that “unless EUR breaks clearly above 1.2000/1.2010 within these couple of
days, the chance for further EUR strength would diminish quickly”. EUR subsequently cracked 1.2000/1.2010 and surged to 1.2048.
Upward momentum has been boosted and the next level to focus on is at 1.2115. That said, there is a rather strong resistance level at
1.2065. The current positive phase in EUR is deemed intact as long as it does not move below 1.1965 (‘strong support’ level was at 1.1915
yesterday).
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.1995 R1: 1.2065
1.1975 1.2048 1.1941 1.2033 +0.42% +1.04% +1.09% -1.47%
S2: 1.1965 R2: 1.2115
FX Insights
Tuesday, 20 April 2021
3|P a g eGBP/USD: 1.3990
24-HOUR VIEW
Room for advance in GBP to test 1.3865 first before easing.
We highlighted yesterday that “there is room for the advance in GBP to test 1.3865 first before easing”. Instead of ‘testing’ 1.3865, GBP
blast past this level and rocketed to 1.3993. While clearly overbought, there is room for GBP to move above last month’s peak near
1.4020. For today, the next major 1.4100 is not expected to come into the picture. Support is at 1.3955 followed by 1.3920.
1-3 WEEKS VIEW
GBP could advance further but the next major resistance at 1.4100 may not come into the picture so soon.
We noted yesterday (19 Apr, spot at 1.3825) that “the advance in GBP has covered considerable ground but it could strengthen further to
1.3890”. While our view for GBP to strengthen is correct, the sudden lift-off that sent GBP rocketing to 1.3993 came as a surprise. Note
that GBP gained +1.01% yesterday, its biggest 1-day advance since mid-Jan. The rapid rise appears to be a bit overdone but is not showing
any sign of weakening just yet. In other words, GBP could advance further even though the next major resistance at 1.4100 may not come
into the picture so soon. On the downside, a breach of 1.3850 (‘strong support’ level was at 1.3750 yesterday) would indicate that the
current GBP strength has come to an end. On a shorter-term note, 1.3920 is already a strong support level.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3920 R1: 1.4020
1.3838 1.3993 1.3811 1.3989 +1.01% +1.76% +0.94% +2.39%
S2: 1.3850 R2: 1.4100
FX Insights
Tuesday, 20 April 2021
4|P a g eAUD/USD: 0.7770
24-HOUR VIEW
AUD is likely to strengthen further but 0.7820 is likely out of reach for now.
Our expectation for AUD to “trade within a 0.7700/0.7745 range” was wrong as it dipped to 0.7706 before surging to 0.7784. The rapid
rise appears to be running ahead of itself but AUD could strengthen further. That said, the next major resistance at 0.7820 is likely out of
reach for now (minor resistance is at 0.7800). Support is at 0.7745 followed by 0.7720.
1-3 WEEKS VIEW
Outlook for AUD is positive; next resistance is at 0.7820.
In our latest narrative from last Thursday (15 Apr, spot at 0.7730), we highlighted that “risk is for a higher AUD towards 0.7785”. We added,
“the next resistance is at 0.7820”. After trading in a relatively quiet manner for a few days, AUD soared to 0.7784 during early London
session yesterday (19 Apr). Upward momentum has improved and a break of 0.7785 would shift the focus to 0.7820. The next resistance
above 0.7820 is at 0.7850. Overall, the current positive outlook for AUD is deemed intact as long as it does not move below 0.7700 (‘strong
support’ level previously at 0.7670).
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7720 R1: 0.7820
0.7729 0.7784 0.7706 0.7755 +0.27% +1.73% +0.13% +0.81%
S2: 0.7700 R2: 0.7850
FX Insights
Tuesday, 20 April 2021
5|P a g eNZD/USD: 0.7190
24-HOUR VIEW
Scope for NZD to test 0.7215; next resistance is unlikely to come under threat for now.
The sharp and swift rise in NZD to 0.7198 came as a surprise (we were expecting NZD to consolidate). Despite the strong advance,
upward momentum has not improved by as much. However, there is scope for NZD to test 0.7215. For today, the next resistance at
0.7240 is unlikely to come under threat. Support is at 0.7165 followed by 0.7140.
1-3 WEEKS VIEW
Risk for NZD is on the upside but 0.7240 may not come into the picture so soon.
We have expected NZD to strengthen since the middle of last week (see annotations in the chart below). Yesterday (19 Apr, spot at 0.7135),
we noted that “overbought shorter-term conditions could lead to a couple of days of consolidation first”. Instead of consolidating, NZD
soared to 0.7198, close to our initial ‘objective’ at 0.7200. While upward momentum has improved, it appears a bit ‘tentative’ for now. That
said, the risk is still on the upside but the next resistance at 0.7240 may not come into the picture so soon. On the downside, a break of
0.7120 (‘strong support’ level was at 0.7065 yesterday) would indicate that NZD strength has run its course.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7140 R1: 0.7215
0.7140 0.7198 0.7117 0.7180 +0.45% +2.16% +0.17% -0.01%
S2: 0.7120 R2: 0.7240
FX Insights
Tuesday, 20 April 2021
6|P a g eUSD/JPY: 108.15
24-HOUR VIEW
Rapid drop in USD could test 107.90 first before stabilization can be expected.
Our expectation for USD to “trade sideways” was wrong as it plummeted to 108.00. While the sharp and rapid drop appears to be overdone,
USD could test 107.90 first before stabilization can be expected. For today, the next support at 107.70 is unlikely to come into the picture.
Resistance is at 108.40 followed by 108.60.
1-3 WEEKS VIEW
Further USD weakness is likely but 107.65 may not come into the picture so soon.
Two weeks ago (06 Apr), when USD was trading at 110.30, we highlighted that “a short-term top is in place” (see annotations in the chart
below). As USD declined, in our latest narrative from last Wednesday (14 Apr, spot at 108.85), we noted that “downward momentum is
beginning to wane but there is still chance for USD to move to 108.40”. We added, “further weakness to 108.00 is not ruled out but the
odds for such a move are low”. After trading in a quiet manner and within relatively narrow ranges for a few days, USD cracked 108.40 and
plunged to 108.00 yesterday (19 Apr). While the improved downward momentum suggests further USD weakness is likely, there is another
major support at 107.65. In other words, 107.65 may not come into the picture so soon. On the upside, a break of 108.85 (‘strong resistance’
level previously at 109.20) would indicate that the pullback has run its course.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 107.90 R1: 108.60
108.74 108.83 108.00 108.15 -0.57% -1.12% -0.66% +4.76%
S2: 107.65 R2: 108.85
FX Insights
Tuesday, 20 April 2021
7|P a g eUSD/CNH: 6.5100
24-HOUR VIEW
USD could test the major support at 6.5000 first before a more sustained recovery can be expected.
We did not anticipate the relatively sharp drop in USD to 6.5031 yesterday (we were expecting USD to trade between 6.5210 and 6.5410).
Despite the rebound from the low, the weakness in USD has yet to stabilized. From here, USD could test the major support at 6.5000 first
before a more sustained recovery can be expected (next support is at 6.4850). Resistance is at 6.5180 followed by 6.5250.
1-3 WEEKS VIEW
Risk for USD is still on the downside, break of 6.5000 would shift focus to 6.4850.
We have held a negative view in USD since the middle of last week (see annotation n the chart below). While USD weakened as expected,
the pace of decline was slow and downward momentum was lackluster. Yesterday (19 Apr, spot at 6.5300), we highlighted that USD “has
to move and stay below 6.5150 within these couple of days or the odds for further USD weakness would diminish quickly”. USD
subsequently plummeted to 6.5031 before closing at 6.5100 (-0.28%). Downward momentum has improved, albeit not by all that much.
That said, the risk for USD is still on the downside and we continue to eye our initial ‘objective’ at 6.5000. A clear break of this level would
shift the focus to 6.4850. On the upside, a breach of 6.5350 (‘strong resistance’ level previously at 6.5530) would indicate that the downside
risk has dissipated.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.5000 R1: 6.5250
6.5280 6.5344 6.5031 6.5100 -0.28% -0.57% +0.03% +0.12%
S2: 6.4850 R2: 6.5350
FX Insights
Tuesday, 20 April 2021
8|P a g eEUR/SGD: 1.6000
24-HOUR VIEW
EUR is likely to consolidate and trade between 1.5970 and 1.6040.
Yesterday, we highlighted that “the bias is for EUR to test 1.5930”. We added, “a break of this level is not ruled but the next support at
1.5900 is not expected to come into the picture”. While our view was not wrong as EUR dropped to 1.5921, the sharp and swift surge from
the low to 1.6031 came as a surprise. The rapid rise appears to be running ahead of itself and EUR is unlikely to strengthen much further.
EUR is more likely to consolidate and trade between 1.5970 and 1.6040.
1-3 WEEKS VIEW
Strong bounce in EUR has room to extend but any advance is likely limited to 1.6065.
Yesterday, we noted the recent positive phase in EUR has ended and we expected it to “trade between 1.5900 and 1.6000”. We did not
anticipate the sudden lift-off that sent EUR to 1.6031. The strong bounce has room to extend but any advance is likely limited to 1.6065.
On the downside, a break of 1.5940 would indicate that EUR is not ready to move to 1.6065.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.5970 R1: 1.6040
1.5971 1.6031 1.5921 1.6011 +0.14% +0.27% +0.27% -0.75%
S2: 1.5940 R2: 1.6065
FX Insights
Tuesday, 20 April 2021
9|P a g eGBP/SGD: 1.8585
24-HOUR VIEW
GBP could strengthen further but 1.8665 is unlikely to come into the picture.
The sudden surge in GBP that sent it rocketing to 1.8616 came as a surprise. While clearly overbought, GBP could strengthen further
even though the major resistance at 1.8665 is unlikely to come into the picture (1.8630 is already quite a strong level). Support is at 1.8540
followed by 1.8510.
1-3 WEEKS VIEW
Risk has shifted to the upside but any advance in GBP is expected to face solid resistance at 1.8665.
We noted yesterday (19 Apr, spot 1.8400) that the outlook is mixed and we expected GBP to “trade between 1.8300 and 1.8540 for now”.
The sudden surge in GBP to 1.8616 was unexpected. While the strong advance has shifted the risk to the upside, any advance is expected
to face solid resistance at 1.8665. Looking ahead, GBP has to close above this level before a move towards 1.8770 can be expected. On
the downside, a breach of 1.8460 (‘strong support’ level) would indicate that the upside risk has dissipated.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.8510 R1: 1.8630
1.8429 1.8616 1.8418 1.8601 +0.81% +0.97% -0.03% +2.99%
S2: 1.8460 R2: 1.8665
FX Insights
Tuesday, 20 April 2021
10 | P a g eAUD/SGD: 1.0335
24-HOUR VIEW
Bias is for AUD to strengthen but the major resistance at 1.0380 is likely out of reach.
We highlighted yesterday that AUD “could test 1.0275”. AUD subsequently dropped to 1.0279, soared to 1.0361 before easing off. While
the bias for today is for AUD to strengthen, the major resistance at 1.0380 is likely out of reach. Support is at 1.0305 followed by 1.0280.
1-3 WEEKS VIEW
Momentum has improved somewhat but any advance in AUD is expected to face solid resistance at 1.0380.
We have expected AUD to “trade with an upward bias” since last week (see annotations in the chart below). Since then, AUD has not been
able to make much headway on the upside and yesterday (19 Apr, spot at 1.0305), we noted that AUD “has to move and stay above 1.0250
within these few days or the chance for a move to 1.0380 would diminish quickly”. AUD subsequently rose to 1.0361 before easing off.
While momentum has improved somewhat, any advance in AUD is expected to face solid resistance at 1.0380. On the downside, a break
of 1.0250 (no change in ‘strong support’ level) would indicate that the upside risk has dissipated.
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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0280 R1: 1.0380
1.0300 1.0361 1.0279 1.0321 +0.04% +0.99% -0.63% +1.55%
S2: 1.0250 R2: 1.0410
FX Insights
Tuesday, 20 April 2021
11 | P a g eJPY/SGD: 1.2265
24-HOUR VIEW
Outlook is mixed; JPY could trade between 1.2245 and 1.2320.
We highlighted yesterday that “there is room for JPY to test 1.2300”. We added, “the next resistance at 1.2315 is not expected to come
into the picture”. However, JPY popped to 1.2322 before easing off to close at 1.2297. The rapid swings have resulted in a mixed outlook.
For today, JPY could trade in a choppy manner between 1.2245 and 1.2320.
1-3 WEEKS VIEW
Further JPY strength is not ruled out but prospect for a move to 1.2350 is not high.
We have expected JPY to “trade with an upside bias towards 1.2315” since last week (see annotations in the chart below). While JPY
popped to 1.2322 yesterday (19 Apr), it was unable to hold on to its gains. Further JPY strength is not ruled out but in view of the lackluster
momentum, the prospect for a move to 1.2350 is not high. On the downside, 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 19 Apr 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2245 R1: 1.2320
1.2261 1.2322 1.2258 1.2297 +0.28% +0.33% -0.18% -3.86%
S2: 1.2230 R2: 1.2350
FX Insights
Tuesday, 20 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
Tuesday, 20 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 Tuesday, 20 April 2021 14 | P a g e
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