FX Insights - United Overseas Bank Limited (UOB)
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Global Economics & Markets Research
Email: GlobalEcoMktResearch@uobgroup.com
URL: www.uob.com.sg/research
FX Insights
US equities rallied on Wed, after the Fed raised rates and forecast a consensus funds rate of 1.9% by
Thursday, 17 March 2022
year’s end, which would mean a hike at each of the remaining central bank meetings this year. The
Dow rose more than 1.5% after trading negative initially following the release of the Fed’s statement. It
swung within a 576-point range on the session. The S&P 500 climbed more than 2.2% and the Nasdaq
Quek Ser Leang Composite gained more than 3.7%. The yield curve bear flattened on the prospect on more and bigger
Quek.SerLeang@uobgroup.com
Fed rate hikes. The 2-year yield gained 8.9 bps to 1.938% as the Fed stayed hawkish while the 10-year
Lee Sue Ann yield rose half the amount to 2.185%.
Lee.SueAnn@uobgroup.com
The US dollar gave up initial gains after the Fed rate hike and closed lower against most of its G-10
peers. EUR/USD broke the key resistance at around 1.10 and advanced 0.7% to 1.1035. GBP/USD
jumped 0.8%, its biggest daily gain since last July and closed at 1.3149. USD/JPY rose for an eighth
day alongside higher Treasury yields to touch as high as 119.12, the highest since Feb 2016. AUD/USD
rebounded an outsized 1.3% to 0.7290, back to the level the currency pair started the week.
Asian currencies rose alongside the recovery in risk sentiment while dollar retreated ahead of the FOMC.
KRW (+0.57%), SGD (+0.52%), INR (+0.45%), THB (+0.43%) took the lead to rise on Wed. CNH firmed
for the second straight day, ending at 6.3637 (+0.28%) on Wed. USD/SGD regained downward
momentum after the FOMC decision to close at 1.3588 on Wed. The SGD NEER is at 1.8% above the
mid-point this morning with 1.5% to 2.0% above the mid-point implying USD/SGD range of 1.3570-
1.3637.
Today in Asia, Bank Indonesia (BI) is expected to keep the policy rate steady at 3.50%. Nevertheless,
we are of the view that the rate hike cycle will begin soon, with our forecast is for two 25bps hikes in
3Q22 to 4.00%, followed by another two 25bps hikes in 4Q22 to 4.50%. Taiwan’s Central Bank (CBC)
is also announcing its latest monetary policy decision. We see the possibility for CBC to hike by 12.5bps
at this meeting and by another 12.5 bps in Jun/Sep.
On the global front, the Bank of England (BOE) is widely expected to hike rates for a third straight
meeting, by 25 bps to 0.75%. Meanwhile, the US economic docket is busy today and it includes housing
starts, Philadelphia Fed business outlook, weekly initial jobless claims and industrial production.
Recent publications:
15 Mar 2022: China: Jan-Feb Data Surprised On The Upside, But Lockdown Of Key Cities Come At
Significant Economic Costs
11 Mar 2022: Eurozone: A Hawkish Tilt By The ECB
11 Mar 2022: Indonesia: Revising Our Inflation-GDP Outlook Amidst Uncertainty
11 Mar 2022: US: Feb CPI Hits New 40-Year High Of 7.9%, Ahead Of Soaring Oil In Mar
10 Mar 2022: Malaysia: Investment Approvals Soared To Record High Of MYR306.5bn In 2021
FX Insights
Thursday, 17 March 2022
1|P a g eUSD/SGD: 1.3585
24-HOUR VIEW
Scope for USD to test 1.3565; next support at 1.3540 is unlikely to come under threat.
The sharp drop of 0.53% yesterday came as a surprise (we were expecting sideway-trading). While the rapid decline appears to be
overdone, there is scope for USD to test 1.3565. The major support at 1.3540 is unlikely to come under threat. Resistance is at 1.3605
followed by 1.3625.
1-3 WEEKS VIEW
Downward momentum is beginning to build but a sustained decline is likely only upon a clear break of 1.3540.
Our view for USD to advance further to 1.3710 was invalidated as USD crashed below our ‘strong support’ level of 1.3600 (low of 1.3579
in NY). Downward momentum is beginning to build and USD could edge lower from here. Looking ahead, a sustained decline is likely only
upon a clear break of 1.3540. On the upside, a breach of 1.3655 would indicate that the build-up in momentum has fizzled out.
1-3 MONTHS VIEW
USD/SGD is approaching the top of a 'falling wedge' formation. A break of the top of the wedge at 1.3540 could potentially lead to a rapid
rise to 1.3581 followed by 1.3600. (dated 24 Feb 2021,1.3520) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3565 R1: 1.3625
1.3659 1.3668 1.3579 1.3580 -0.53% -0.04% +1.09% +0.77%
S2: 1.3540 R2: 1.3655
FX Insights
Thursday, 17 March 2022
2|P a g eEUR/USD: 1.1030
24-HOUR VIEW
The underlying tone has firmed and EUR could edge higher even though a break of 1.1080 appears unlikely.
EUR traded in a choppy manner yesterday before closing higher at 1.1032 (+0.74%). The underlying tone has firmed and EUR could
edge higher from here. That said, a break of the major resistance at 1.1080 appears unlikely. Support is at 1.1005 followed by 1.0980.
1-3 WEEKS VIEW
Shorter-term momentum has improved somewhat and EUR could rise above 1.1080.
We have expected EUR to trade sideways since the start of the week (see annotations in the chart below). After trading sideways for
several days, EUR is approaching the top of our expected range of 1.0870/1.1080. Shorter-term upward momentum has improved
somewhat and EUR could rise above 1.1080. Looking ahead, EUR has to break 1.1120 before a sustained advance is likely. At this stage,
the chance for EUR to break 1.1120 is not high but it would remain intact as long as EUR does not move below the ‘strong support’ level,
currently at 1.0920.
1-3 MONTHS VIEW
A break of the long-term rising trend-line at 1.0805 would not be surprising. A break of the trend-line would expose the 2020 low of
1.0635. (dated 07 Mar 2022, 1.0865) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.0980 R1: 1.1080
1.0951 1.1046 1.0940 1.1032 +0.74% -0.39% -3.00% -2.96%
S2: 1.0920 R2: 1.1120
FX Insights
Thursday, 17 March 2022
3|P a g eGBP/USD: 1.3150
24-HOUR VIEW
Further GBP strength is likely but any advance is unlikely to challenge the major resistance at 1.3220.
Our expectations for GBP consolidate yesterday were incorrect as it soared to 1.3156 before closing on a firm note at 1.3146 (+0.77%).
The rapidly improving momentum is likely to lead to further GBP strength. In view of the overbought conditions, any advance in GBP is
unlikely to challenge the major resistance at 1.3220 (minor resistance is at 1.3180). Support is at 1.3125 followed by 1.3090.
1-3 WEEKS VIEW
Weak phase has ended; strong rebound has scope to extend to 1.3220.
The weak phase in GBP that started about 3 weeks ago (see annotations in the chart below) has ended as GBP rose above our ‘strong
resistance’ level of 1.3140. The strong rebound has room to extend to 1.3220. A break of 1.3220 is not ruled out but at this stage, the odds
for a sustained rise above this level are not high. Overall, GBP is expected to trade on a firm footing as long as it does not move below
1.3040 within these few days.
1-3 MONTHS VIEW
GBP/USD has to close below 1.3130 before further weakness can be expected. (dated 17 Dec 2021, 1.3325) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.3090 R1: 1.3180
1.3045 1.3156 1.3036 1.3146 +0.77% -0.31% -3.22% -2.80%
S2: 1.3040 R2: 1.3220
FX Insights
Thursday, 17 March 2022
4|P a g eAUD/USD: 0.7300
24-HOUR VIEW
AUD could advance further but the major resistance at 0.7365 is likely out of reach for today.
We did not anticipate the strong surge in AUD yesterday. AUD extended its advance during early Asian hours and the risk is still on the
upside. That said, the major resistance at 0.7365 is likely out of reach for today (there is another resistance at 0.7340). Support is at
0.7275 followed by 0.7240.
1-3 WEEKS VIEW
Rapid build-up in upward momentum is likely to an advance towards 0.7365.
Our view for AUD to “edge lower to 0.7130” was invalidated as it surged past our ‘strong resistance’ level at 0.7285. The rapid build-up in
momentum is likely to lead to an advance towards 0.7365. A break of 0.7365 is not ruled out but at this stage, the chance for a sustained
rise above this level is not high. The upside pressure is intact as long as AUD does not move below 0.7210 (‘strong support’ level) within
these few days.
1-3 MONTHS VIEW
No clear direction in AUD/USD at this stage but the risk within these couple of months is on the downside. (dated 15 Feb 2022, 0.7120)
Read More
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.7240 R1: 0.7340
0.7199 0.7296 0.7181 0.7290 +1.28% -0.45% +1.29% +0.28%
S2: 0.7210 R2: 0.7365
FX Insights
Thursday, 17 March 2022
5|P a g eNZD/USD: 0.6835
24-HOUR VIEW
NZD could test the major resistance at 0.6875; a sustained rise above this level is unlikely.
The strong surge in NZD has gathered momentum and it could test the major resistance at 0.6875. In view of the overbought conditions,
a clear break of this level is unlikely. The next resistance is at 0.6900. O the downside, a breach of 0.6795 (minor support is at 0.6815)
would indicate that the current upward pressure has eased.
1-3 WEEKS VIEW
Risk has shifted to the upside but any advance is expected to face solid resistance at 0.6875.
NZD soared yesterday and easily took out our ‘strong resistance’ level at 0.6810 (high of 0.6845). The break of 0.6810 indicates that our
view for NZD to trade with a downward bias was incorrect. The rapid build-up in momentum has shifted the risk to the upside. That said,
any advance is expected to face solid resistance at 0.6875. On the downside, a breach of 0.6765 would indicate that the current upward
pressure has eased.
1-3 MONTHS VIEW
NZD/USD is likely to weaken during 1Q22; support level of note is at 0.6510. (dated 17 Dec 2021, 0.6780) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.6795 R1: 0.6875
0.6770 0.6845 0.6743 0.6842 +1.06% +0.02% +2.43% -0.04%
S2: 0.6765 R2: 0.6900
FX Insights
Thursday, 17 March 2022
6|P a g eUSD/JPY: 118.85
24-HOUR VIEW
USD is likely to trade sideways within a range of 118.45/119.10.
While we expected USD to strengthen yesterday, we were of the view that “a break of 118.65 is unlikely”. However, USD blew past 118.65
and popped to a high of 119.12. Conditions are deeply overbought and USD is unlikely to strengthen much further. For today, USD is
more likely to trade sideways at these higher levels, expected to be within a range of 118.45/119.10.
1-3 WEEKS VIEW
Further USD strength is not ruled out but rally may take a pause first. Next resistance is at 119.70.
We have expected a stronger USD since last Thursday (10 Mar, spot at 115.90). As USD soared, in our latest narrative from Tuesday (15
Mar, spot at 118.25), we highlighted that USD strength could continue for a while more. We added, a break of 118.65 would shift the focus
to 119.10. Yesterday (16 Mar), USD cracked 118.65 and soared to 119.12. Further USD strength is not ruled out but overbought conditions
suggest that the current rally may take a pause first. Looking ahead, the next resistance above 119.10 is at 119.70. On the downside, a
breach of 117.90 (‘strong support’ level was at 117.30 yesterday) would indicate that the current strong upward pressure has eased.
1-3 MONTHS VIEW
USD/JPY is likely to consolidate and trade between 111.30 and the Nov 2021 high of 115.51. (dated 17 Dec 2021, 113.70) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 118.45 R1: 119.10
118.28 119.12 118.16 118.72 +0.37% +2.50% +2.82% +3.16%
S2: 117.90 R2: 119.70
FX Insights
Thursday, 17 March 2022
7|P a g eUSD/CNH: 6.3600
24-HOUR VIEW
Room for sharp decline to extend but any weakness is likely limited to a test of 6.3450.
The sharp drop in USD came as a surprise (we were expecting USD to trade sideways). There is room for the decline to extend but any
weakness is likely limited to a test of 6.3450. The major support at 6.3300 is unlikely to come into the picture. Resistance is at 6.3750
followed by 6.3850.
1-3 WEEKS VIEW
Upward pressure has eased; USD could trade sideways within a broad range of 6.3300/6.3900 for now.
We have expected a stronger USD since Monday (14 Mar, spot at 6.3620). As USD surged to our target at 6.4100, we highlighted yesterday
(16 Mar, spot at 6.3895) that while risk is still on the upside, the next major resistance at 6.4300 may not come into the picture so soon.
We did anticipate the abrupt and sharp sell-off that sent USD plunging to a low of 6.3530.The breach of our ‘strong support’ level at 6.3600
indicates that upward pressure has eased. The current movement is likely part a consolidation and in view of the recent outsized moves,
USD could trade sideways within a broad range of 6.3300/6.3900 for now.
1-3 MONTHS VIEW
Break of solid resistance levels has increased the odds of USD/CNH heading higher to 6.4000. (dated 14 Mar 2022, 6.3730) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 6.3450 R1: 6.3850
6.3825 6.3910 6.3530 6.3630 -0.30% +0.65% +0.47% -0.04%
S2: 6.3300 R2: 6.3950
FX Insights
Thursday, 17 March 2022
8|P a g eEUR/SGD: 1.4990
24-HOUR VIEW
EUR is likely to trade sideways, expected to be between 1.4940 and 1.5030.
We expected EUR to “trade sideways between 1.4920 and 1.5020” yesterday. USD subsequently traded between 1.4919 and 1.5006.
Further sideway trading appears likely even though the slightly firmed underlying tone suggests a higher range of 1.4940/1.5030.
1-3 WEEKS VIEW
No change in view; EUR is likely to consolidate and trade between 1.4840 and 1.5110.
Our narrative from last Thursday (10 Mar, spot at 1.5020) still stands. As highlighted, EUR is likely to consolidate and trade between
1.4840 and 1.5110.
1-3 MONTHS VIEW
Conditions are deeply oversold but there is scope for weakness in EUR/SGD to dip below 1.5260 first before stabilization can be expected.
(dated 17 Dec 2021, 1.5450) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.4940 R1: 1.5030
1.4952 1.5006 1.4919 1.4987 +0.25% -0.48% -2.05% -2.41%
S2: 1.4840 R2: 1.5110
FX Insights
Thursday, 17 March 2022
9|P a g eGBP/SGD: 1.7850
24-HOUR VIEW
GBP could edge above 1.7900; a sustained rise above this level is unlikely.
GBP traded between 1.7745 and 1.7876 yesterday, wider than our expected sideway trading range of 1.7760/1.7860. The underlying tone
has firmed and GBP could edge above 1.7900. For today, a sustained rise above this level is unlikely. Support is at 1.7820 followed by
1.7790.
1-3 WEEKS VIEW
3-week weak phase has run its course; GBP is likely to consolidate and trade between 1.7745 and 1.7970 for now.
We have expected a weak GBP for about 3 weeks now (see annotations in the chart below). In our latest narrative from last Friday (11 Mar,
spot at 1.7800), we highlighted that “the chance for GBP to drop to 1.7700 has increased”. Yesterday, GBP dipped to 1.7745 before
rebounding to 1.7876. While our ‘strong resistance’ level at 1.7900 is not breached, downward momentum has more or less dissipated. In
other words, the weak phase has run its course. From here, GBP appears to have moved into a consolidation phase and is likely trade
between 1.7745 and 1.7970 for now.
1-3 MONTHS VIEW
Bias for GBP/SGD is on the downside, major support at 1.7552 is unlikely to come into the picture. (dated 17 Dec 2021, 1.8180) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.7790 R1: 1.7900
1.7810 1.7876 1.7745 1.7851 +0.27% -0.24% -2.18% -2.19%
S2: 1.7745 R2: 1.7970
FX Insights
Thursday, 17 March 2022
10 | P a g eAUD/SGD: 0.9915
24-HOUR VIEW
Rapid rise in AUD could extend; in view of overbought conditions, a break of the major resistance at 0.9965 is unlikely.
The strong rise in AUD yesterday came as a surprise (we were expecting sideway-trading). The rapid rise could extend but in view of the
overbought conditions, a break of the major resistance at 0.9965 is unlikely (there is another resistance at 0.9940). On the downside, a
breach of 0.9870 (minor support is at 0.9895) would indicate that the current upward pressure has eased.
1-3 WEEKS VIEW
AUD appears to have moved into a consolidation phase and is likely to trade between 0.9830 and 0.9965 for now.
After AUD dropped sharply, we highlighted on Tuesday (15 Mar, spot at 0.9820) that “while the rapid decline appears to be running ahead
of itself, there is room for AUD to weaken to 0.9770”. We added, a break of 0.9920 would indicate that the downside risk has dissipated.
AUD extended its strong gains from NY hours and rose above 0.9920 during early Asian hours. Downward pressure has eased and AUD
appears to have moved into a consolidation phase and is likely to trade between 0.9830 and 0.9965 for now.
1-3 MONTHS VIEW
Upward momentum is improving rapidly, a break of 1.0035 could potentially lead to a rapid rise to 1.0159. (dated 04 Mar 2022, 0.9975)
Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 0.9870 R1: 0.9940
0.9828 0.9909 0.9807 0.9894 +0.69% -0.48% +2.40% +1.02%
S2: 0.9830 R2: 0.9965
FX Insights
Thursday, 17 March 2022
11 | P a g eJPY/SGD: 1.1435
24-HOUR VIEW
JPY could weaken further but a sustained decline below 1.1400 is unlikely.
We expected JPY to trade sideways yesterday. However, it cracked a few strong support levels with ease and plunged to 1.1430. The
swift and sharp decline appears to be overdone. That said, JPY could weaken further but a sustained decline below 1.1400 is unlikely.
Resistance is at 1.1450 followed by 1.1485.
1-3 WEEKS VIEW
Any further decline in JPY would likely be of smaller magnitude and at a slower pace. Next support is at 1.1400 followed by 1.1370.
We have expected JPY to weaken since last Thursday (10 Mar, spot at 1.1715). As JPY declined, in our latest narrative form Tuesday (15
Mar, spot at 1.1550), we highlighted that while shorter-term conditions are deeply oversold, there is room for JPY to decline to the next
major support at 1.1500. We did not expect the ease by which JPY cracked 1.1500 and plunged to a low of 1.1430 during NY session.
Conditions remain deeply oversold but the weakness has yet to stabilize. That said, any further decline would likely be of smaller magnitude
and at a slower pace. The next support is at 1.1400 followed by 1.1370. On the upside, a breach of 1.1510 (‘strong resistance’ was at
1.1625 yesterday) would indicate the weakness in JPY has stabilized.
1-3 MONTHS VIEW
JPY/SGD is likely to trade between Oct’s 2020 low of 1.1719 and major resistance of 1.2270. (dated 17 Dec 2021, 1.2000) Read more
LEVELS
Ranges 16 Mar 22 Percentage change
Support Resistance
Open High Low Close 1D 1W 1M YTD
S1: 1.1400 R1: 1.1485
1.1542 1.1549 1.1430 1.1424 -1.02% -2.51% -1.81% -2.52%
S2: 1.1370 R2: 1.1510
FX Insights
Thursday, 17 March 2022
12 | P a g eUOB FX & Interest Rate Outlook
FX Outlook 1Q22 2Q22 3Q22 4Q22 Rates Outlook 1Q22 2Q22 3Q22 4Q22
EUR/USD 1.10 1.09 1.08 1.08 EU 0.00% 0.00% 0.00% 0.00%
GBP/USD 1.36 1.38 1.40 1.40 UK 0.50% 0.50% 0.75% 0.75%
AUD/USD 0.70 0.69 0.68 0.67 AU 0.10% 0.10% 0.10% 0.10%
NZD/USD 0.65 0.64 0.63 0.63 NZ 1.00% 1.25% 1.50% 1.75%
USD/JPY 116 117 118 119 JP -0.10% -0.10% -0.10% -0.10%
USD/SGD 1.35 1.36 1.37 1.37 SG (3M SOR) 0.75% 1.20% 1.40% 1.60%
USD/MYR 4.22 4.26 4.29 4.31 MY 1.75% 2.00% 2.25% 2.25%
USD/THB 33.30 33.60 33.80 34.00 TH 0.50% 0.50% 0.75% 0.75%
USD/CNY 6.40 6.45 6.50 6.55 CN 3.60% 3.55% 3.55% 3.55%
USD/IDR 14,500 14,700 14,800 14,900 ID 3.50% 3.50% 4.00% 4.50%
USD/PHP 50.80 51.20 51.60 52.00 PH 2.00% 2.25% 2.50% 2.75%
USD/INR 76.50 77.00 77.50 78.00 IN 4.00% 4.00% 4.00% 4.00%
USD/TWD 28.00 28.20 28.40 28.60 TW 1.25% 1.38% 1.38% 1.38%
USD/HKD 7.81 7.82 7.83 7.84 HK 1.00% 1.50% 1.75% 2.00%
USD/KRW 1,220 1,240 1,250 1,250 KR 1.25% 1.50% 1.75% 1.75%
US 0.75% 1.25% 1.50% 1.75%
Last updated on 28 Feb 22: Ukraine Crisis Fuels Fear of Further Inflation Spike
Central Bank Meetings 2022
Central Bank Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Federal Reserve (FOMC) 26 - 16* - 04 15* 27 - 21* - 02 14
European Central Bank (ECB) - 03 10 14 - 10 21 - 08 27 - 15
Bank of England (BOE) - 03# 17 - 05# 16 - 04# 15 - 03# 15
Reserve Bank of Australia (RBA) - 01 01 05 03 07 06 02 06 04 01 06
Reserve Bank of New Zealand (RBNZ) - 23 - - 25 - - 17 - - 23 -
Bank of Japan (BOJ) 18** - 18 28** - 17 21** - 22 28** - 20**
Monetary Authority of Singapore (MAS) 25 - - tba - - - - - tba - -
Bank Negara Malaysia (BNM) 20 - 03 - 11 - 06 - 09 - 03 -
Bank of Thailand (BOT) - 09 30 - 18 29 - 17 28 - 16 28
Bank Indonesia (BI) 20 10 17 19 24 23 21 23 22 20 17 22
Bangko Sentral ng Pilipinas (BSP) - 17 24 - 19 23 - 18 22 - 17 15
Bank of Korea (BOK) 14 24 - 14 26 - 14 25 - 14 24 -
Taiwan Central Bank (CBC) - - 17 - - 16 - - 22 - - 15
Reserve Bank of India (RBI) - 10 - tba - tba - tba - tba - tba
*Meetings associated with a Summary of Economic Projections.
#
Meetings associated with release of Monetary Policy Report.
**Meetings associated with release of Outlook Report.
FX Insights
Thursday, 17 March 2022
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 Thursday, 17 March 2022 14 | P a g e
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