UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia assume EUR/USD to change inside the 0.9630-0.9900 vary in the subsequent few weeks.
24-hour view: “Our expectations for ‘the rebound in EUR to prolong to 0.9835’ did no longer materialize as it traded in a uneven manner between 0.9706 and 0.9808 earlier than closing at 0.9719 (-0.55%). The rate moves are probable phase of a vast consolidation vary and we count on EUR to alternate inside a vary of 0.9700/0.9800.”
Next 1-3 weeks: “We proceed to keep the equal view as closing Friday (14 Oct, spot at 0.9775). As highlighted, we view the modern-day rate moves as part of a huge consolidation vary and we anticipate EUR to alternate between 0.9630 and 0.9900 for the time being.”