4 Global Market Updates- 13 January, 2023

 

In this article, we have covered the highlights of global market news about the USD/CNH, USD/JPY, AUD/USD and GBP/USD.

USD/CNH: A sustained decline below 6.7000 is improbable, according to UOB

A convincing break of 6.7000 in the USD/CNH remains improbable, according to economist Lee Sue Ann and market strategist Quek Ser Leang at UOB Group.

“Yesterday, we indicated that USD ‘may break the main support at 6.7500,” according to the 24-hour outlook. We continued the next support at 6.7000 is unlikely to come into view. Our assessment was accurate since the USD fell to a low of 6.7250. Even if there has been a sizable decrease, the downward trend has not changed much. While the USD can fall below 7.0000, it is doubtful that it will do so consistently. Overall, the only way to tell whether the USD’s weakness has steadied is if it breaches 6.7620 (a minor resistance level at 6.7480).

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