USD/CNH keeps the outlook mixed and is seen within the 6.4300/6.4800 range for the time being, commented FX Strategists at UOB Group.
Key Quotes
24-hour view: “Yesterday, we expected USD to ‘consolidate and trade between 6.4540 and 6.4660’. Our view was not wrong even though USD traded within a narrower range than expected (6.4544/6.4633). The quiet price actions offer no fresh clues and further consolidation would not be surprising. Expected range for today; 6.4530/6.4680.”
Next 1-3 weeks: “There is no change in our view from yesterday (08 Sep, spot at 6.4590). As highlighted, the outlook for USD is mixed and it could trade within a 6.4300/6.4800 range for a period of time.”
