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USD/JPY strength has paused for now – UOB Group


The current price action appears to be part of a 147.65/148.85 range trading phase. In the longer run, USD strength has paused for now; it is expected to trade in a range of 146.90/149.20, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Current price action appears to be part of a 147.65/148.85

24-HOUR VIEW: "Following the volatile price action two days ago, we indicated yesterday that 'the sharp fluctuations have resulted in a mixed outlook.' We were of the view that USD 'could continue to fluctuate, likely between 147.50 and 148.80.' USD subsequently traded in a higher range than expected (147.71/149.09) before closing at 148.60 (+0.50%). The price action appears to be part of a range trading phase. Today, we expect USD to trade between 147.65 and 148.85."

1-3 WEEKS VIEW: "After holding a positive USD stance for more than a week, we revised our view to neutral yesterday (16 Jul, spot at 148.30). We stated that 'USD strength has paused for now,' and we expected it to 'trade in a range of 146.90/149.20.' Our view remains unchanged."

EUR up modestly with focus on next week’s ECB – Scotiabank

The Euro (EUR) is up 0.3% against the US Dollar (USD) and a mid-performer among the G10 as we head into Friday’s NA session, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
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GBP recoverys post CPI/jobs data with fundamental support via spreads – Scotiabank

The Pound Sterling (GBP) is up a modest 0.2% against US Dollar (USD) as it mildly underperforms its G10 peers heading into Friday’s NA open, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
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