USDCNH: Scope for extra decline near term – UOB

keeps the downside pressure it could retest the 7.0130 region in the short term, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “We highlighted yesterday that ‘there is a chance for USD to drop to 7.0450 before the risk of a rebound increases’. However, USD dropped to 7.0200 first before rebounding. USD appears to have moved into a consolidation phase and is likely to trade within a range of 7.0260/7.0800 today.

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