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USD/CNH: Further consolidation in the pipeline – UOB

No changes to the consolidative mood around USD/CNH for the time being, argue Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: We expected USD to edge lower to 7.1500 last Friday. Our expectations did not materialise as USD dropped to 7.1550 and then rebounded. The current price movements are likely part of a consolidation. Today, we expect USD to trade in a range of 7.1660/7.2020. 

Next 1-3 weeks: Our most recent narrative was from last Wednesday (02 Aug, spot at 7.1800), wherein USD is likely to trade in a range of 7.1300/7.2450 for the time being. We continue to hold the same view for now. 

Fed’s Williams didn’t rule out the possibility of cutting rates in early 2024 – NYT

Speaking in an interview with the NewYork Times on Monday, John C. Williams, President of the Federal Reserve Bank of New York said he expects that in
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USD/CHF rebounds as market mood turns cautious ahead of US CPI

The USD/CHF pair resumes its upside journey after a mild correction in the London session and is approaching the round-level resistance of 0.8800. The
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