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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
Wednesday, 01 September 2021 US equities retreated from Monday’s record highs amid mixed or weaker US data. But most of the major
average indices posted solid gains for August with the S&P 500 index recording its seventh-straight
month of gains at just below all-time highs. The CBOE volatility Index (VIX) or “fear index” edged higher
to 16.48 (from 16.19 previously). US Treasuries dipped as yields rebounded across the curve on
Quek Ser Leang
Quek.SerLeang@uobgroup.com Tuesday. The 2-year and 10-year yield spread steepened slightly (+2.1bps) to 110.3bps.
Lee Sue Ann The US dollar ended the month mixed to little changed against the G-10 currencies on Tuesday amid
Lee.SueAnn@uobgroup.com mixed US data. The US Dollar index (DXY) edged 0.03% lower to close at 92.626 (from the previous
close of 92.653). The euro strengthened marginally with the EUR/USD trading to an intraday high of
1.1845 before closing in the NY session at 1.1809 (from 1.1797). In comparison, GBP/USD closed
marginally lower at 1.3755 (from 1.3760) while JPY also depreciated slightly against the dollar and
USD/JPY pair ended the day higher at 110.02 (from 109.92). AUD and NZD both strengthened against
the dollar as the AUD/USD ended higher at 0.7316 (from 0.7296) while the NZD/USD was markedly
higher at 0.7045 (from 0.6999).
The onshore USD/CNY retreated from 6.47 to 6.4610, while the offshore USD/CNH pulled back further
from 6.47 to 6.4550. Elsewhere in North Asia, USD/KRW also eased from 1,165 to 1,160 while
USD/TWD slipped from 27.80 to 27.76. USD/HKD also staged a retreat, from 7.7880 to 7.7785. In South
East Asia, USD/IDR fell further from 14,350 to 14,270, while USD/THB continued to drift lower from
32.40 to 32.25. Specifically, the THB has now recouped about what it has lost against the USD over
the past quarter as it fell from 31.0 in Jun to around 33.50 in mid Aug. This appears to be due to follow
through improvement in local sentiment after the government announced plans to gradually ease some
of the restrictions in Bangkok and 28 other provinces in the “dark-red zone” from today. USD/SGD
managed to hold its ground by consolidating just under 1.3450. Overall, the Asia Dollar Index (ADXY)
climbed further from 107.80 to 108.10.
Today, the G7 focus will be the substantial US economic data calendar, and the key ones are the ISM
manufacturing for August and July construction spending. We will get an early glimpse of the US
employment situation with the ADP employment change for August, as well as the total vehicle sales
for August. Elsewhere, we will get the final print for the Markit manufacturing PMI surveys for the US,
UK, Switzerland, Eurozone and its constituent economies, which are either expected to stay unchanged
or revised slightly lower but still well above 50 (i.e. overall expansion in activity). Other European data
include German July retail sales, UK August nationwide house prices, July unemployment rate for
Eurozone and Italy. In Asia, focus will turn towards the series of August manufacturing PMI figures to
be released for Vietnam, Malaysia, Indonesia, South Korea, Philippines, Thailand and Taiwan.
The 20th Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial
meeting will take place virtually today, and expectations are for the group to keep its 400,000 bpd
increase from September unchanged, as they view the recent oil price rise as temporary, according to
a Reuters report citing unnamed sources.
Recent publications:
31 Aug 21: China: August PMIs Reinforce Slowing Growth Momentum, Policy Support
30 Aug 21: Indonesia: Regional Economic Update 2021
30 Aug 21: US Jackson Hole Symposium - QE Taper In 2021, Rate Hikes Not Anytime Soon
27 Aug 21: Malaysia: July Exports Miss Expectations
26 Aug 21: South Korea: BoK Starts Interest Rate Normalisation With 25 Bps Hike In August
FX Insights
Wednesday, 01 September 2021
1|P a g eUSD/SGD: 1.3445
24-HOUR VIEW
USD is likely to consolidate and trade between 1.3425 and 1.3470.
Our view for USD to “trade between 1.3440 and 1.3475” was incorrect as it dropped briefly to an overnight low of 1.3418 before rebounding
to close little changed at 1.3445 (-0.07%). Despite the decline, downward momentum has barely improved and the chance for USD to
move below the overnight low is slim. For today, USD is more likely to consolidate and trade between 1.3425 and 1.3470.
1-3 WEEKS VIEW
Further USD weakness is still likely; next major support at 1.3400 may not come into the picture so soon.
We continue to hold the same view from two days ago (30 Aug, spot at 1.3455). As highlighted, further USD weakness is still likely but the
next major support at 1.3400 may not come into the picture so soon. Overall, the current weakness that started early last week (see
annotations in the chart below) is deemed intact as long as USD does not move above 1.3500 (‘strong resistance’ level was at 1.3520
yesterday).
1-3 MONTHS VIEW
Shorter-term bias is tilted to the downside and a break of 1.3400 is not ruled out; chance for a break of 1.3300 is deemed as low. (dated 31
Aug 2021,1.3670) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3425 R1: 1.3470
1.3453 1.3457 1.3418 1.3445 -0.07% -0.72% -0.77% +1.77%
S2: 1.3400 R2: 1.3500
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FX Insights
Wednesday, 01 September 2021
2|P a g eEUR/USD: 1.1810
24-HOUR VIEW
EUR is likely to trade sideways within a 1.1785/1.1835 range.
We highlighted yesterday that “while upward momentum has slowed, there is room for EUR to edge higher”. We added, “the major
resistance at 1.1835 is still likely out of reach”. While our view for EUR to strengthen was not wrong, EUR rose to 1.1847 before dropping
quickly to close slightly higher for the day (1.1807, +0.10%). Upward pressure has eased and the current movement is viewed as part of
a consolidation phase. In other words, EUR is likely to trade sideways for today, expected to be within a 1.1785/1.1835 range.
1-3 WEEKS VIEW
Shorter-term upward momentum has waned somewhat but EUR could advance further. Next level to focus on is at 1.1865.
We have held a positive view in EUR since last Tuesday (24 Aug, spot at 1.1745). In our latest narrative from Monday (30 Aug, spot at
1.1795), we indicated that upward momentum has improved and we see room for the current EUR strength to extend to 1.1835. EUR broke
above 1.1835 yesterday (31 Aug) as it rose to 1.1847 before pulling back. Shorter-term upward momentum appears to have waned
somewhat but the current positive outlook is deemed intact as long as EUR does not move below 1.1760 (‘strong support’ level previously
at 1.1735). To look at it another way, as long as the ‘strong support’ level is not breached, EUR could advance further. The next level to
focus on is at 1.1865.
1-3 MONTHS VIEW
Risk for EUR/USD is still on the downside but the prospect for a sustained drop below 1.1600 is not high for now. (dated 11 Aug 2021,
1.1920) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.1785 R1: 1.1835
1.1795 1.1847 1.1793 1.1807 +0.10% +0.46% -0.53% -3.32%
S2: 1.1760 R2: 1.1865
FX Insights
Wednesday, 01 September 2021
3|P a g eGBP/USD: 1.3750
24-HOUR VIEW
GBP is likely to trade sideways, expected to be between 1.3720 and 1.3780.
Yesterday, we highlighted that “momentum indicators are turning ‘neutral’” and we expected GBP to trade sideways within a 1.3730/1.3785
range”. However, GBP traded between 1.3743 and 1.3807 before closing unchanged at 1.3756. Momentum indicators still appear to be
‘neutral’ and we continue to expect GBP to trade sideways, likely between 1.3720 and 1.3780.
1-3 WEEKS VIEW
Build-up in momentum appears to have fizzled out; GBP could continue to trade between 1.3640 and 1.3850 for now.
We have expected GBP to trade between 1.3640 and 1.3850 since last Tuesday (24 Aug, spot at 1.3720). In our latest narrative from
Monday (30 Aug, spot at 1.3760), we highlighted that “while upward momentum is beginning to build, we continue to expect GBP to trade
between 1.3640 and 1.3850 for now”. Since then, GBP has not been able to make much headway on the upside and the build-up in
momentum appears to have fizzled out. In other words, GBP could continue to trade between 1.3640 and 1.3850 for now.
1-3 MONTHS VIEW
Risk for GBP/USD is on the downside but the odds for a sustained decline below 1.3670 are not high. (dated 18 Jun 2021, 1.3930) Read
more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3720 R1: 1.3780
1.3762 1.3807 1.3743 1.3756 -0.00% +0.20% -1.00% +0.69%
S2: 1.3640 R2: 1.3850
FX Insights
Wednesday, 01 September 2021
4|P a g eAUD/USD: 0.7315
24-HOUR VIEW
AUD could retest the 0.7340 level; major resistance at 0.7360 is unlikely to come under threat.
We did not anticipate the sharp rise in AUD to 0.7341 and the subsequent rapid retreat from the high (we were expecting AUD to trade
within a range of 0.7275/0.7310). Despite the advance, upward momentum has not improved by much. From here, AUD could retest the
0.7340 level but the major resistance at 0.7360 is unlikely to come under threat. Support is at 0.7300 followed by 0.7285.
1-3 WEEKS VIEW
Upward momentum has not improved much further but there is room for AUD to advance to 0.7360.
We have expected a stronger AUD since the middle of last week (see annotations in the chart below). In our latest narrative from Monday
(30 Aug, spot at 0.7310), we highlighted that upward momentum has been boosted and AUD could advance further to 0.7335, possibly
0.7360. Our view was not wrong as AUD exceeded 0.7335 yesterday (31 Aug) as it rose 0.7341. While upward momentum has not improved
much further, there is room for AUD to advance to 0.7360. Only a break of 0.7255 (‘strong support’ level previously at 0.7235) would
indicate that the current AUD strength has come to an end.
1-3 MONTHS VIEW
‘Target' at 0.7300 met; room for AUD/USD to weaken further but solid support near 0.6990/0.7000 is likely out of reach within these couple
of months. (dated 23 Jul 2021, 0.7370) Read More
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7285 R1: 0.7340
0.7294 0.7341 0.7288 0.7314 +0.26% +0.76% -0.45% -4.92%
S2: 0.7255 R2: 0.7360
FX Insights
Wednesday, 01 September 2021
5|P a g eNZD/USD: 0.7050
24-HOUR VIEW
NZD is likely to consolidate and trade between 0.7025 and 0.7070.
While we expected NZD to strengthen yesterday, we were of the view that “0.7060 is likely out of reach”. However, NZD breached 0.7060
as it rose to 0.7069. Despite deeply overbought conditions, it is too soon to expect a sustained pullback. For today, NZD is more likely to
consolidate and trade between 0.7025 and 0.7070.
1-3 WEEKS VIEW
Deeply overbought conditions could lead to consolidation first but there is scope for NZD to strengthen to 0.7090 next.
On Monday (30 Aug, spot at 0.7005), we highlighted that upward momentum has been boosted and NZD could advance further to 0.7040,
possibly 0.7060. While our view for a higher NZD was not wrong, we did not quite expect the strong surge yesterday (31 Aug) as NZD
cracked both 0.7040 and 0.7060 (high has been 0.7069). From here, deeply overbought conditions could lead to a couple of days of
consolidation first but as long as 0.6990 is intact (‘strong support’ level previously at 0.6950), there is scope for NZD to strengthen to 0.7090
next.
1-3 MONTHS VIEW
A break of 0.6940 appears imminent and would suggest that NZD/ USD could drop to the next major support at 0.6870 (dated 18 Jun
2021, 0.7010) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7025 R1: 0.7070
0.7001 0.7069 0.6997 0.7050 +0.72% +1.38% +1.05% -1.83%
S2: 0.6990 R2: 0.7090
FX Insights
Wednesday, 01 September 2021
6|P a g eUSD/JPY: 110.05
24-HOUR VIEW
Build-up in momentum could lead to USD testing 110.35; major resistance at 110.55 is unlikely to come under threat.
We expected USD to “trade sideways within a 109.75/110.10 range” yesterday. However, USD dropped briefly to 109.57 during NY
session before rebounding strongly. USD traded on a firm note during early Asian hours and the build-up in momentum could lead to a
test of 110.35. The major resistance at 110.55 is unlikely to come under threat. Support is at 109.90 followed by 109.70.
1-3 WEEKS VIEW
Risk for USD to break the top of the expected range at 110.55 has increased.
We have expected USD to trade within a 109.30/110.55 range since 19 Aug (spot at 109.90). Our view was not wrong as USD traded
within the range for the past two weeks. Shorter-term momentum is beginning to build and the risk for USD to break the top of our expected
range at 110.55 has increased. The risk of a break of 110.55 would continue to increase as long as USD does not move below 109.50
within these few days. Looking ahead, a break of 110.55 would shift the focus to 110.80.
1-3 MONTHS VIEW
USD/JPY is likely to break 110.96; the February 2020 high near 112.20 may not come into the picture. (dated 18 Jun 2021, 110.30) Read
more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 109.70 R1: 110.35
109.88 110.07 109.57 110.02 +0.09% +0.36% +0.29% +6.57%
S2: 109..50 R2: 110.55
FX Insights
Wednesday, 01 September 2021
7|P a g eUSD/CNH: 6.4580
24-HOUR VIEW
Room for USD to retest the 6.4470 level before a more sustained recovery can be expected.
Our view for USD to “trade between 6.4600 and 6.4730” was incorrect as it plummeted briefly to 6.4472 before rebounding sharply. While
downward momentum has eased somewhat after the rebound, there is room for USD to retest the 6.4470 level before a more sustained
recovery can be expected. On the upside, a break of 6.4710 (minor resistance is at 6.4640) would indicate that the downside risk has
dissipated.
1-3 WEEKS VIEW
Downside risk has increased; USD has to close below 6.4500 before a sustained decline can be expected.
On Monday (30 Aug, spot at 6.4630), we highlighted that the downside risk has increased but USD has to close below 6.4500 before a
sustained decline can be expected. USD cracked 6.4500 yesterday (31 Aug) as it plummeted briefly to 6.4472 before rebounding to close
at 6.4540 (-0.18%). While the downside risk has increased further, we prefer to wait for a daily closing below 6.4500 before adopting a
negative stance in USD. The chance for USD to close below 6.4500 appears to be quite high as long as it does not move above 6.4820
within these few days. Looking ahead, the next support below 6.4500 is at 6.4300.
1-3 MONTHS VIEW
High chance for USD/CNH to advance to 6.5880 within these couple of months. (dated 28 Jul 2021, 6.4500) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.4470 R1: 6.4710
6.4655 6.4717 6.4472 6.4540 -0.18% -0.24% -0.14% -0.74%
S2: 6.4300 R2: 6.4820
FX Insights
Wednesday, 01 September 2021
8|P a g eEUR/SGD: 1.5875
24-HOUR VIEW
Scope for EUR to test 1.5840; a clear break of this solid support level is unlikely for now.
Our expectations for EUR to “test 1.5840” yesterday did not materialize as it traded between 1.5854 and 1.5913 before closing little
changed at 1.5876 (+0.05%). The underlying tone still appears to be a tad soft and we continue to see scope for EUR to test 1.5840.
However, a clear beak of this solid support is unlikely for now. Resistance is at 1.5895 followed by 1.5915.
1-3 WEEKS VIEW
Odds for a break of 1.5840 have increased; a clear break of this level would shift the focus to 1.5800.
We have expected a lower EUR for about 2 weeks now (see annotations in the chart below). In our latest narrative from Monday (30 Aug,
spot at 1.5890), we highlighted that “further EUR weakness is not ruled out but 1.5840 is acting as a solid support and this level may not
be easy to break”. EUR subsequently extended its decline as it dropped to 1.5846. The odds for a break of 1.5840 have increased and a
clear break of this level would shift the focus towards 1.5800. On the upside, a breach of 1.5930 (no change in ‘strong resistance’ level)
would indicate that the weak phase in EUR has come to an end.
1-3 MONTHS VIEW
Bias for EUR/SGD is on the downside but April’s low at 1.5755 could be out of reach within Q3. (dated 18 Jun 2021, 1.5990) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.5840 R1: 1.5915
1.5867 1.5913 1.5854 1.5876 +0.05% -0.25% -1.21% -1.59%
S2: 1.5800 R2: 1.5930
FX Insights
Wednesday, 01 September 2021
9|P a g eGBP/SGD: 1.8475
24-HOUR VIEW
GBP could edge below 1.8460; the next support at 1.8430 is unlikely to come into the picture.
Yesterday, we held the view that “there is room for GBP to edge lower but any weakness is unlikely to break the major support at 1.8460”.
Our view was not wrong as GBP edged to a low of 1.8472. While downward momentum has only improved a tad, GBP could edge below
1.8460. The next support at 1.8430 is unlikely to come into the picture. Resistance is at 1.8500 followed by 1.8530.
1-3 WEEKS VIEW
Break of 1.8460 would shift the focus to 1.8430 followed by 1.8400; any weakness in GBP is likely to be slow and grinding.
We have expected a weaker GBP for more than 2 weeks now (see annotations in the chart below). In our latest narrative from Monday (30
Aug, spot at 1.8530), we highlighted that GBP could weaken further to 1.8460 but oversold shorter-term conditions could lead to a couple
of days of consolidation first. GBP edged to a low of 1.8472 yesterday (31 Aug) and downward momentum has improved slightly. A break
of 1.8460 would shift the focus to 1.8430 followed by 1.8400. That said, any weakness is likely to be slow and grinding. On the upside, a
break of 1.8570 (‘strong resistance’ level previously at 1.8600) would indicate that the weak phase in GBP has come to an end.
1-3 MONTHS VIEW
A deeper pullback in GBP/SGD is not ruled but a break of the solid support at 1.8300 is unlikely. (dated 18 Jun 2021, 1.8680)
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.8460 R1: 1.8530
1.8510 1.8536 1.8472 1.8490 -0.10% -0.53% -1.76% +2.38%
S2: 1.8430 R2: 1.8570
FX Insights
Wednesday, 01 September 2021
10 | P a g eAUD/SGD: 0.9835
24-HOUR VIEW
AUD is likely to consolidate and trade between 0.9805 and 0.9860.
Yesterday, we expected AUD to “drift lower to 0.9790”. AUD subsequently dipped to 0.9795 before staging a surprisingly robust rebound
(high of 0.9860 during NY session). The rebound appears to be running ahead of itself and AUD is unlikely to strengthen much further.
For today, AUD is more likely to consolidate and trade between 0.9805 and 0.9860.
1-3 WEEKS VIEW
AUD has moved into a consolidation phase; likely to trade between 0.9760 and 0.9880 for a period of time.
Last Wednesday (25 Aug, spot at 0.9830), we highlighted that AUD has moved into a consolidation phase and is likely to trade between
0.9760 and 0.9880 for a period of time. There is no change in our view for now.
1-3 MONTHS VIEW
Large weekly decline is expected to lead to further AUD/SGD weakness; 0.9530 appears to be within reach these few months. (dated 20
Aug 2021, 0.9730) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.9805 R1: 0.9860
0.9813 0.9860 0.9795 0.9834 +0.21% +0.07% -1.10% -3.24%
S2: 0.9760 R2: 0.9880
FX Insights
Wednesday, 01 September 2021
11 | P a g eJPY/SGD: 1.2215
24-HOUR VIEW
Chance for JPY to weaken further; a sustained decline below the major support at 1.2195 is unlikely.
Our view for JPY yesterday was that it “could dip below the major support at 1.2220 first before a more sustained rebound can be expected”.
JPY subsequently dropped to 1.2213 before settling at 1.2222 (-0.13%). While downward momentum has not improved by much, there is
chance for JPY to weaken further. However, a sustained decline below the major support at 1.2195 is unlikely. Resistance is at 1.2230
followed by 1.2245.
1-3 WEEKS VIEW
JPY could weaken further; the next support below 1.2195 is at 1.2165.
We have expected JPY to weaken since the middle of last week (see annotations in the chart below). In our latest narrative from yesterday
(31 Aug, spot at 1.2235), we highlighted that JPY could drop below 1.2220 but the pace of any decline is likely to be slow. We added, the
next support is at 1.2195. JPY subsequently breached 1.2220 as it dropped to 1.2213. While downward momentum has not improved by
much, only a break of the ‘strong resistance’ at 1.2270 (level was at 1.2290 yesterday) would indicate that the current weakness has come
to an end. Looking ahead, the next support below 1.2195 is at 1.2165.
1-3 MONTHS VIEW
JPY/SGD is likely to trade between the two major levels of 1.2020 and 1.2345. (dated 18 Jun 2021, 1.2170) Read more
LEVELS
Ranges 31 Aug 21 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.2195 R1: 1.2245
1.2240 1.2250 1.2213 1.2222 -0.13% -1.04% -0.94% -4.45%
S2: 1.2165 R2: 1.2270
FX Insights
Wednesday, 01 September 2021
12 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 3Q21 4Q21 1Q22 2Q22 Rates Outlook 3Q21 4Q21 1Q22 2Q22
EUR/USD 1.16 1.15 1.14 1.13 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.40 1.41 1.42 1.42 UK 0.10% 0.10% 0.10% 0.10%
AUD/USD 0.73 0.72 0.71 0.70 AU 0.10% 0.10% 0.10% 0.10%
NZD/USD 0.70 0.70 0.69 0.68 NZ 0.50% 0.75% 0.75% 0.75%
USD/JPY 112 113 114 114 JP -0.10% -0.10% -0.10% -0.10%
USD/SGD 1.37 1.38 1.39 1.39 SG (3M SOR) 0.25% 0.25% 0.25% 0.25%
USD/MYR 4.28 4.32 4.35 4.35 MY 1.75% 1.75% 1.75% 1.75%
USD/THB 33.30 33.60 34.00 34.50 TH 0.50% 0.50% 0.50% 0.50%
USD/CNY 6.55 6.60 6.64 6.68 CN 3.85% 3.85% 3.85% 3.85%
USD/IDR 14,700 14,800 14,800 14,900 ID 3.50% 3.50% 3.75% 4.00%
USD/PHP 51.00 51.50 52.00 52.00 PH 2.00% 2.00% 2.00% 2.00%
USD/INR 76.00 76.50 77.00 77.50 IN 4.00% 4.00% 4.00% 4.00%
USD/TWD 28.20 28.40 28.50 28.50 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 1,160 1,180 1,200 1,200 KR 0.75% 1.00% 1.25% 1.25%
US 0.25% 0.25% 0.25% 0.25%
Last updated on 29 Jul 21: USD Stays Strong Ahead of Yet Another US Debt Ceiling Brinksmanship
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 - 10 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 06 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 20 25 18 22 19 21 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 - 4 - 06 - 08 - 08
*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
Wednesday, 01 September 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 Wednesday, 01 September 2021 14 | P a g e
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