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3 Feb 2025

USD/CNH: Strong opening gap in USD suggests further advance – UOB Group

US Dollar (USD) could rise further; overbought conditions suggest 7.4000 is unlikely to come into view. In the longer run, strong opening gap in USD suggests further advance; expect 7.4000 to provide resistance, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Overbought conditions suggest 7.4000 is unlikely to come into view

24-HOUR VIEW: "USD gapped opened today and appears to have risen above last month’s high of 7.3700. While USD could rise further, conditions are already overbought, and the major resistance at 7.4000 is unlikely to come into view. On the downside, any pullback is unlikely to threaten last Friday’s low of 7.3150."

1-3 WEEKS VIEW: "The strong opening gap in USD today suggests further advance, but we expect the 7.4000 level to provide resistance. To maintain the rapid buildup in momentum, USD must remain above 7.2950. On a short-term note, 7.3150 is already quite a strong support level."

Feb 3, 2025

Gold Price Forecast: XAU/USD recovers above $2,800 as USD gives up some gains

Gold price (XAU/USD) recovers its intraday losses and turns positive in Monday’s North American session.
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Feb 3, 2025

EUR slide to mid-1.01 range reverses – Scotiabank

The EUR slumped to 1.0150 in early Asian trade but has since stabilized in the low/mid-1.02 range. President Trump made it clear that tariffs are coming for the EU as well in the not-too-distant future, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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