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10 Mar 2023

USD/CNH clings to the positive outlook – UOB

USD/CNH still needs to clear 7.0000 to allow for extra gains in the next weeks, comment Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the price movements are likely part of a consolidation phase’ and we expected USD to trade sideways between 6.9400 and 6.9840. Our view of consolidation was not wrong even though USD traded within a narrower range than expected (6.9643/6.9863). The price actions offer no fresh clues and USD could continue to consolidate, likely between 6.9550 and 6.9900.”

Next 1-3 weeks: “There is no change in our view from Wednesday (08 Mar, spot at 6.9880). As highlighted, while the outlook for USD is still positive, it has to break and stay above 7.0000 before further advance to 7.0200 is unlikely. The upside risk is intact as long as USD stays above 6.9140 (no change in ‘strong support’ level from yesterday).”

Mar 10, 2023

USD/CAD sits above mid-1.3800s, highest since October ahead of Canadian/US jobs data

The USD/CAD pair adds to its strong weekly gains and climbs to its highest level since October 17, 2022, around the 1.3860 area during the first half
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Mar 10, 2023

Strong NFP would be another argument for aggressive rate hikes, USD might benefit – Commerzbank

Today, the US labor market report for February will be published. Economists at Commerzbank expect the US Dollar to strengthen on a strong report. Non
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