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17 Jan 2025

USD/CNH: To trade most likely between 7.3380 and 7.3550 – UOB Group

Flat momentum suggests further range trading, most likely between 7.3380 and 7.3550. Upward momentum is beginning to fade; a breach of 7.3250 would suggest that 7.3700 is not coming into view, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum is beginning to fade

24-HOUR VIEW: "Yesterday, we expected USD to 'continue to trade in a range, most likely between 7.3350 and 7.3550.' USD then traded in a subdued manner, closing largely unchanged at 7.3450 (-0.05%). Flat momentum indicators continue to suggest range trading, most likely between 7.3380 and 7.3550."

1-3 WEEKS VIEW: "We have held the view that 'there is room for USD to retest the 7.3700' since early last week. On Tuesday (14 Jan, spot at 7.3410), we noted that 'upward momentum is beginning to fade, and a breach of 7.3250 (‘strong support’ level) would suggest that 7.3700 is not coming into view.' USD traded in a quiet manner over the past few days, and we continue to hold the same view for now."

Jan 17, 2025

USD/JPY: Bearish bias on the day – OCBC

USD/JPY continued to trade lower, as expectations on BoJ hike next week continues to build. Markets are pricing in 22bp hike at the upcoming MPC (vs. 11bp hike expectations at the start of the new year). Pair was last at 155.69 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
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Jan 17, 2025

Gold retraces on Friday but weekly gains nearly secured

Gold’s price (XAU/USD) slightly retraces but holds above the $2,700 level on Friday, with some profit-taking occurring after its three-day rally this week.  Federal Reserve (Fed) governor Christopher Waller spooked traders by commenting on Thursday
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