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We remain better buyers of USD on dips, and expect USD
strength to manifest more against JPY, SGD towards 108, 1.39. Oil-linked
currencies such as MYR may be partially insulated from the USD strength,
as OPEC and non-OPEC members meet in Istanbul (8 – 13 Oct) to discuss how
to implement the oil production cut deal agreed in Algiers last month.
That said we caution that a break above 4.15 – 4.17 area of resistance
could expose further upside risk towards 4.20. We maintain our bearish
bias on...
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