Instead of continuing to decline, US Dollar (USD) more likely to trade in a lower range of 7.2680/1.3200. In the longer run, outlook is mixed; USD could trade in a 7.2430/7.3580 range for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Outlook for USD is mixed for now

24-HOUR VIEW: “Following Monday’s volatile price movements, we indicated yesterday that ‘the rapid swings have resulted in a mixed outlook.’ We expected USD to ‘trade between 7.2950 and 7.3400.’ The subsequent price movements did not turn out as we expected. USD rose to 7.3361 and dropped