S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketOutlook is mixed; US Dollar (USD) could trade in a choppy manner between 156.20 and 157.20. In the longer run, USD is likely to trade in a range between 155.60 and 157.50, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD/JPY is likely to trade in a range
24-HOUR VIEW: “We stated yesterday that ‘the increase in momentum is likely to lead to further advance, but the resistance at 157.50 is likely out of reach for now’. USD subsequently rose to 157.29 and then, in a sudden move, plummeted to a low of 156.09 in the NY session. USD rebounded from the low and continued to rebound in the early Asian trade today. The sharp but short-lived swings have resulted in a mixed outlook. Today, USD could continue to trade in a choppy manner, likely between 156.20 and 157.20.”
1-3 WEEKS VIEW: “Yesterday (05 Jan, spot at 157.05), we indicated that USD ‘is facing mild upward pressure and could drift higher and test 157.50’. We added, ‘to sustain the mild upward momentum, USD must not break below 156.35 (‘strong support’ level)’. However, after rising to a high of 157.29, USD dropped sharply and broke below our ‘strong support’ level (low of 156.09). The mild upward pressure has eased, and from here, we expect USD to trade in a range, most likely between 155.60 and 157.50.”
