quek ser leang global economics & markets research ... insights wednesday, 24 may 2017 1 | p a g...

FX Insights Wednesday, 24 May 2017 1 | P a g e

Quek Ser Leang [email protected] Lee Sue Ann [email protected] Global Economics & Markets Research

Email: [email protected] URL: www.uob.com.sg/research

Wednesday, 24 May 2017 FX Insights

Chart Of The Day USD/SGD: 1.3860 Bearish; to take partial profit at 1.3820.

The overnight recovery was stronger than expected as USD edged above the strong 1.3915 short-term resistance just a while

ago (high of 1.3918). While this level is still comfortably below the stop-loss for our bearish view (see Chart of the Day update

on 18 May, spot at 1.3915) at 1.3955, downward momentum has been dented. That said, unless 1.3955 is breached, another

push lower towards 1.3820 could not be ruled out just yet even though this pair has to move back below 1.3865 within these

few days or the odds for extension lower would diminished quickly. In view of the waning downward momentum, those who are

short should look to take partial profit at 1.3820.

mailto:[email protected]



http://www.uobgroup.com/assets/pdfs/research/FXI_170518.pdf


OVERVIEW

The tone on Wall Street was slightly positive, as markets kept an eye on Trump's first trip overseas since taking office. The

president met with Palestinian President Mahmoud Abbas and also met with Israeli Prime Minister Benjamin Netanyahu. The

U.S. president will be in Europe for the rest of his trip. But traditional safe havens caught a bid. The benchmark 10-year note

yield fell to around 2.28% from its highest levels near 2.62% as market participants prepared for the possibility that tax reform

may not come as soon as previously thought. Oil prices inched up in volatile trades as expectations of an extension to OPEC-

led supply cuts and projections for another drop in US crude inventories overshadowed a White House proposal to sell half the

country's petroleum reserves. The dollar continues to remain firm, having rebounded from 6-1/2-month lows against its major

peers.

Markets are awaiting the release of minutes from the Fed's for its last meeting on Wednesday in the US for details on the

probability of a rate hike in June. More information from the Fed on how it intends to unwind its balance sheet is also expected.

The Fed’s Kaplan, Brainard and Kashkari have scheduled speaking engagements. On the data front, April’s existing home sales

report will also be released. Another potentially market-moving upcoming event is the OPEC meeting on Thursday that will be

led by Saudi Arabia. Oil prices have been rising on optimism over hopes that will be OPEC-led output cuts will be extended with

non-OPEC key producer Russia also in the pact.


* Shift in outlook.

* Percentage difference between the closing price and the last price 1-period ago. ** Percentage difference between the closing price and the last price on 31-Dec-16.

24-May-17 Summary of Views

FX Pairs Spot Outlook Since/ Rate

Target Trailing-Stop Support Resistance

USD/SGD 1.3860 Bearish 18 May 17

1.3915 1.3820

1.3955 1.3985

S1: 1.3865 S2: 1.3820

R1: 1.3925 R2: 1.3955

EUR/SGD 1.5555 Bullish 23 May 17

1.5585 1.5680 1.5480

S1: 1.5520 S2: 1.5480

R1: 1.5625 R2: 1.5680

GBP/SGD 1.8010 Neutral 12 May 17

1.8145 - -

S1: 1.7965 S2: 1.7930

R1: 1.8080 R2: 1.8110

AUD/SGD 1.0375 Neutral 02 May 17

1.0515 - -

S1: 1.0345 S2: 1.0310

R1: 1.0400 R2: 1.0425

JPY/SGD 1.2450 Neutral 22 May 17

1.2445 - -

S1: 1.2400 S2: 1.2350

R1: 1.2500 R2: 1.2550

USD/MYR 4.3050 Bearish 26 Apr 17

4.3660 4.2850 4.3420

4.3250 4.3350

S1: 4.2950 S2: 4.2850

R1: 4.3150 R2: 4.3250

USD/THB 34.45 Bearish 16 May 17

34.49 34.30

34.50 34.55

S1: 34.40 S2: 34.30

R1: 34.50 R2: 34.55

USD/CNH 6.8850 Bearish 17 May 17

6.8740 6.8600 6.8900

S1: 6.8770 S2: 6.8710

R1: 6.8900 R2: 6.9000

CNH/SGD 0.2020 Bearish 22 May 17

0.2016 0.2008 0.2025

S1: 0.2015 S2: 0.2008

R1: 0.2023 R2: 0.2025

EUR/USD 1.1185 Bullish 17 May 17

1.1085 1.1300 1.1200

1.1130 1.1095

S1: 1.1160 S2: 1.1130

R1: 1.1260 R2: 1.1300

GBP/USD 1.2960 Neutral 04 May 17

1.2875 - -

S1: 1.2920 S2: 1.2830

R1: 1.3000 R2: 1.3050

AUD/USD 0.7475 Bullish 23 May 17

0.7470 0.7560 0.7430

S1: 0.7445 S2: 0.7430

R1: 0.7520 R2: 0.7560

NZD/USD 0.7000 Bullish 23 May 17

0.7000 0.7055 0.6940

S1: 0.6975 S2: 0.6940

R1: 0.7030 R2: 0.7055

USD/JPY 111.90 *Neutral 24 May 17

111.90 - -

S1: 111.10 S2: 110.20

R1: 112.35 R2: 113.10

FX Pairs Ranges for 23-May-17 Performance*

Open High Low Close 1-day 1-week 1-month YTD**

USD/SGD 1.3866 1.3906 1.3857 1.3902 +0.28% -0.32% -0.17% -4.15%

EUR/SGD 1.5573 1.5626 1.5530 1.5545 -0.19% +0.56% +2.73% +2.57%

GBP/SGD 1.8013 1.8078 1.7967 1.8016 -0.00% -0.00% +1.13% +1.33%

AUD/SGD 1.0356 1.0426 1.0344 1.0390 +0.30% +0.29% -1.37% -0.15%

JPY/SGD 1.2449 1.2514 1.2421 1.2435 -0.12% +0.85% -1.96% +0.86%

USD/MYR 4.3000 4.3000 4.2910 4.2920 -0.25% -0.64% -2.41% -4.29%

USD/THB 34.31 34.45 34.28 34.43 +0.37% -0.08% +0.26% -3.85%

USD/CNH 6.8770 6.8821 6.8756 6.8795 -0.00% +0.07% -0.06% -1.35%

EUR/USD 1.1235 1.1267 1.1172 1.1182 -0.48% +0.90% +2.89% +7.09%

GBP/USD 1.3000 1.3035 1.2954 1.2959 -0.31% +0.30% +1.27% +5.74%

AUD/USD 0.7476 0.7517 0.7466 0.7478 -0.01% +0.68% -1.21% +4.11%

NZD/USD 0.6997 0.7047 0.6992 0.7012 +0.22% +1.84% -0.07% +1.18%

USD/JPY 111.29 111.85 110.84 111.77 +0.44% -1.18% +1.84% -4.98%


USD/SGD: 1.3905

USD/SGD ended firmer, close to session high of 1.3908. The SGD NEER is trading at around 0.67% above the mid-point

this morning and the 0.5-1.0% range implies USD/SGD within 1.3860-1.3930 based on current FX levels. Singapore’s April

headline inflation rose at a slower pace of 0.4% y/y, compared to 0.7% y/y in March, which was then one of the highest

inflation rate in 31 months (since August 2014). The reason for the moderation in inflation was due to a larger 6.7% y/y

decline in accommodation cost, which was in turn due to the disbursement of S&CC rebates to households in April (which

was not given out last year). Although headline inflation was lower than expected, core inflation rose quite quickly to a 30-

month high of 1.7% y/y in April. The higher core inflation partly reflects the stronger pickup in the cost of electricity and gas

due to the electricity tariffs hike in April. The MAS continues to expect core inflation to average 1-2% (from 0.9% in 2016),

while headline inflation to average 0.5-1.5% in 2017 (from -0.5% in 2016). We maintain our 2017 core inflation forecast of

1.3%, while expect headline inflation to average 0.5% in 2017. Despite higher core inflation in April, we do not think

electricity tariffs hike will be pushing core inflation much more from here since the weightage of this segment in the consumer

basket is small. As such, we think that the current dovish policy stance will remain even in the upcoming October 2017

meeting.

Latest Flash Note: 23 May 17

Highest Core Inflation In 30 Months Unlikely To Rattle MAS’s October Decision https://goo.gl/vPl5Pz

24-HOUR VIEW: 1-3 WEEKS VIEW:

Expectation for a retest of last week’s low near 1.3835/40

was wrong as USD rebounded strongly to hit an overnight

high of 1.3906. The strong daily closing suggests there is

scope for extension higher but at this stage, a break above

the key 1.3955 resistance seems is not expected (minor

resistance at 1.3925). Support is at 1.3885 ahead of the

stronger level near 1.3865.

Bearish: To take partial profit at 1.3820.

[See Chart of the Day on page 1]

https://goo.gl/vPl5Pz


EUR/SGD: 1.5555


EUR exceeded the target indicated at 1.5620 yesterday (high

of 1.5625) but the rally was short-lived. The quick drop from

the high suggests that a short-term top is in place and this

pair is expected to trade sideways for today, likely between

1.5520 and 1.5590.

Bullish: Over-extended but scope for extension to 1.5680.

We just shifted from a neutral to bullish EUR stance

yesterday and there is no change to the view. As highlighted,

while the current rally is over-extended, there is scope for

extension to 1.5680 (high so far has been 1.5625). Stop-loss

remains unchanged at 1.5480 even though ideally this pair

should not move back below the short-term support at

1.5520.

GBP/SGD: 1.8030


GBP traded sideways as expected, albeit a slightly wider

range than anticipated. Indicators are mostly mixed which

suggest further consolidation for now, likely not moving much

out of the 1.7967/1.8078 range seen yesterday.

Neutral: In a 1.7930/1.8110 range. [No change in view, see update from yesterday below]

GBP continues to trade in a calm manner and there is no

change to the current view wherein we expect this pair to

trade within a broad 1.7930/1.8110 range.

AUD/SGD: 1.0375


The anticipated AUD strength exceeded our expectation by

taking out the strong 1.0400 resistance to hit a high of

1.0426. However, the rally was not sustained and the quick

drop from the high suggests that an interim top is in place.

The pull-back appears incomplete and extension lower to

1.0345/50 would not be surprising. Resistance is at 1.0400

ahead of the 1.0426 top which is unlikely to be threatened for

now.

Neutral: Shift to bullish only if NY closing is above 1.0400.

AUD took out the strong 1.0400 resistance to hit a high of

1.0426 yesterday. However, the up-move was not sustained

and the NY closing of 1.0390 was below the key 1.0400

level. As highlighted, AUD has to register a NY closing

above 1.0400 to indicate the start of a sustained up-move

towards 1.0500. This still appears to be a likely scenario as

long as AUD can hold above the key short-term support at

1.0310 in the next couple of days.

JPY/SGD: 1.2450


The initial rebound in JPY touched a high of 1.2514 (just

below the target indicated at 1.2515) before pulling back

quickly. The current movement is viewed as part of a

consolidation phase and this pair is expected to trade

sideways between 1.2400 and 1.2500 for today.

Neutral: In a 1.2350/1.2550 range.

There is not much to add as JPY traded in a rather choppy

manner yesterday. The current price action is still viewed as

part of a consolidation range and we continue to expect this

pair to trade sideways albeit likely at a narrower

1.2350/1.2550 range instead of the 1.2320/1.2550 expected

previously.

http://www.uobgroup.com/assets/pdfs/research/FXI_170523.pdf#page=5


USD/MYR: 4.3050

USD/MYR closed below 4.30 on Tuesday. Decision at the upcoming OPEC meeting to extend production cuts could lend further

support to the MYR. Separately, Malaysian PM Najib Razak said foreign direct investment into Malaysia will probably exceed

the MYR41bn inflows seen in 2016.


GDP Growth Hits 2-Year High At 5.6% In 1Q 2017 https://goo.gl/G6YvEz

1-3 WEEKS VIEW:

Bearish: To take partial profit at 4.2850.

There is not much to add to the Chart of the Day update from yesterday. We noted that 4.2850 is “is acting as a major mid to

long-term support and those who are short should look to book partial profit near this level” (low has been 4.2910). To put it

another way, the bearish USD that started about a month ago could be nearing its last legs and those who are short should

look to exit some of their position. Stop-loss remains unchanged at 4.3250 for now.

USD/THB: 34.45

THB is seen weakening for a third session, tracking declines in its regional peers. All eyes are on the BoT at 3pm SGT. All 23

analysts polled by Bloomberg are expecting no change in the policy rate at 1.50%. Thailand’s headline inflation has fallen back

to 0.38% y/y in April from 0.76% in March, and this is well below the BoT’s target.


Export Growth Accelerates to 8.5% At Start Of 2Q17 https://goo.gl/HYWgkM

1-3 WEEKS VIEW:

Bearish: To take partial profit at 34.25/30.

The 34.25/30 support is more resilient than expected as USD tested 34.30 twice (once on Monday and Tuesday) but rebounded

each time. Downward momentum has clearly been dented but confirmation of a short-term low is only upon a breach of 34.50.

That said, the odds for a sustained move below 34.25/30 have diminished considerably and those who are short from last

Tuesday (see Chart of the Day on 16 May, spot at 34.49) should look to take partial profit near 34.25/30.

USD/CNH: 6.8850

Moody’s has downgraded China’s sovereign rating to A1 from AA3 earlier this morning and changes the outlook to ‘Stable’

from ‘Negative’. The rating agency said that the move reflects expectation that China’s financial strength will erode somewhat

over the coming years. Stable outlook reflects assessment that, at the A1 rating level, risks are balanced. GDP will remain

very large and growth will continue to be high compared to other sovereigns, though potential growth is likely to fall in coming

years. It expects China’s growth potential to decline to close to 5% over the next five years. Moody’s expects that economy-

wide leverage to increase further over the coming years.


Belt And Road Initiative And What It Means https://goo.gl/U3q6PK

1-3 WEEKS VIEW:

Bearish: Bearish phase appears to be close to ending.

The bearish phase that started last Wednesday, 17 May appears to be close to ending. The trailing stop-loss at 6.8900 was

briefly breached earlier when USD spiked to a high 6.8901 after Moody downgraded China this morning. From here, a clear

break of 6.8900 would not be surprising and that would indicate the bearish outlook has shifted to neutral. Support is at 6.8770

followed by 6.8710 which is acting as a very strong support now.

CNH/SGD: 0.2020

1-3 WEEKS VIEW:

Bearish: Decline over-extended but scope for extension to 0.2008 with lower odds for 0.2003. [No change in view, see update from yesterday below]

We just shifted to a bearish CNH stance yesterday and there is no change to the view. While oversold, the current weakness

has room to extend lower to 0.2008. The next support is at the 2016 low of 0.2003 and the odds for a move towards this level

are not high at this stage. Stop-loss is unchanged at 0.2025.

https://goo.gl/G6YvEz



https://goo.gl/HYWgkM


https://goo.gl/U3q6PK



EUR/USD: 1.1185 Eurozone economic news flow overnight was generally positive. The May flash Euro-zone PMI manufacturing reading rose to

57.0 from a final reading of 56.7 for April. This was above expectations of 56.5 and the strongest reading for 73 months. The

services-sector reading edged lower to a two-month low of 56.2 from 56.4 previously and slightly below consensus

expectations of 56.5. The overall composite index was unchanged on the month at 56.8 and held at six-year high. Meanwhile,

the national business surveys released overnight largely backed up the PMIs. Germany’s IFO index rose 1.6pts to a higher

than expected 114.6 in May, led by a 1.8pt rise in the present situation index to a new multi-decade high. The expectations

index firmed to its highest reading since February 2014. Separately, the French INSEE business confidence index returned to

its cyclical high of 105 in May. Today’s docket is light, apart from an update on consumer confidence in Germany. But the ECB

diary is busy with the publication of its Financial Stability Review, whilst board members Praet and Draghi have speeches to

make in Sofia and Madrid respectively.


While EUR retested the recent top near 1.1260/65 as

expected, the subsequent sharp and swift pull-back from a

high of 1.1267 came as a surprise. A short-term top is likely

in place and the current weakness has room to extend below

the overnight low of 1.1172 towards 1.1150/55. The next

level near 1.1130 is a significant support and is unlikely to

yield so easily. On the upside, any rebound is expected to

face strong resistance at 1.1245 and the 1.1267 high is

unlikely to come into the picture for now.

Bullish: Still bullish but odds for extension to 1.1300 are not

high.

EUR eked out a marginal new high of 1.1267 yesterday

before easing off quickly. The price action is not surprising as

we have held the view that that “while the outlook for this pair

is still bullish, the odds for extension to 1.1300 are not high”.

That said, only a break below 1.1130 would indicate that the

bullish phase that started last Wednesday, 17 May (see

Chart of the Day update, spot at 1.1085) has ended. We

have suggested taking partial profit at 1.1170 last Friday and

those who are still long should look to exit their position if

there is another push towards 1.1300.

*Took partial profit at 1.1170.



GBP/USD: 1.2960

GBP struggled again as UK markets were in subdued mood after the attack in Manchester. On the data front, the CBI’s

Distributive Trades Survey suggested that the retail sales lift reported in April may prove short-lived. A net 2% of respondents

reported higher sales in May, down from a net 38% in April. UK politicians are likely to be back on the election trail on

Wednesday, but there is nothing on the calendar to hint at progress for GBP in either direction.


GBP registered a range of 1.2954/1.3035 yesterday,

reasonably close to our expected sideway trading range of

1.2960/1.3035. The daily closing in NY is on the weak side

and this has resulted in a negative undertone which could put

pressure on GBP from here. That said, any weakness is

deemed as part of a broader consolidation range and not the

start of a bearish reversal. From here, allow for a bounce to

1.3000 but 1.3040 is expected to cap for a move lower

towards 1.2920 (next support is at 1.2880).

Neutral: Likely in a topping process.

While there is no change to the current neutral outlook for

GBP, the price action over the past few days is beginning to

look increasingly like a topping process. The current neutral

phase has been intact for about 3 weeks now and from here,

a clear break below 1.2920 would greatly increase the odds

for a move towards the 1.2830 low seen earlier this month.

Overall, the current mild downward pressure would continue

to increase over the next several days as long GBP holds

below the strong 1.3050 resistance.


AUD/USD: 0.7475

AUD/USD turned lower to give back most of Tuesday’s gains after briefly scaling above resistance in the early day. Earlier, the

Westpac-Melbourne Institute leading index came in at -0.12% m/m compared to the previous reading of +0.08%. The six month

annualized growth rate fell from 1.11% in March to 0.92% in April.


While the target indicated at 0.7500 yesterday was exceeded

with a high of 0.7517, the swift and sharp pull-back from the

top has dented the upward momentum. A temporary top is

likely in place at 0.7517 and AUD is expected to trade

sideways for today, expected to be between 0.7445 and

0.7500.

Bullish: Immediate target of 0.7560.

We just turned bullish AUD yesterday and there is no

change to the view. While we prefer a stronger closing in

NY and a shallower pull-back (high has been 0.7517), the

bullish outlook appears intact for now. Only a break below

0.7430 would indicate that our bullish expectation is wrong.

Immediate target remains unchanged at 0.7560.



NZD/USD: 0.7010

NZD/USD is back near the 0.700-mark. According to data released this morning, New Zealand’s April trade balance held in

positive territory for a second consecutive month. The merchandise trade balance rose to NZD578mn in April, from a revised

NZD277mn surplus the month before. That was the highest monthly surplus since 2015. In annualized terms, the deficit

narrowed to NZD3.48bn from NZD3.71bn the previous month. Annual exports amounted to NZD4.75bn in April, whilst total

imports were NZD4.17bn billion. All eyes will now turn to the New Zealand Treasury’s annual Budget due for release on

Thursday. Markets are looking to the Budget for signs of long-term investments, given the country’s booming population

growth.


We indicated yesterday that “momentum indicators are

clearly bullish but the major 0.7050/55 resistance is likely out

of reach for now”. In line with expectation, NZD extended its

gain but only managed to touch a high of 0.7047. The quick

drop from the top suggests that NZD has moved into a

consolidation phase. In other words, expect sideway trading

for today, likely between 0.6985 and 0.7035.

Bullish: Immediate target of 0.7050/55.

We turned bullish NZD yesterday and there is no change to

the view. NZD rose quickly to hit a high of 0.7047 which is

just below our immediate target of 0.7050/55. Overbought

short-term indicators could lead to a couple of days of

consolidation but as long as 0.6930 is not taken out, the

prospect for a break above 0.7050/55 appears to be quite

high. A move above 0.7050/55 would shift the focus to

0.7090.



USD/JPY: 111.90

USD/JPY finally reacted to the better risk sentiments elsewhere to bounce convincingly off the 111.0-handle. It was reported

on Tuesday that Japanese Manufacturing PMI, preliminary for May, fell to 52.0 from a prior reading at 52.7. Consensus

forecast was for a reading at 52.9. The below-forecast reading was impacted by a slowdown in export orders and at, 52.0,

represents a six-month low. Also reported was the Japanese All Industries Activity Index, which came in below expectations at

-0.6%. Consensus forecast was for a reading at -0.4%, following a prior reading at 0.7%. Later today, the Cabinet Office will

release its monthly economic report for May.


The strong rally from a low of 110.84 was unexpected. The

rally appears to be running ahead of itself but there is scope

for extension to 112.35. At this stage, a sustained move

above this level is not expected (next resistance at 112.70).

Support is at 111.45 ahead of the stronger level near 111.10.

The 110.84 low is likely ‘safe’ for today.

Shift from bearish to neutral: In a broad 110.20/113.10

range.

The bearish phase that started last Thursday has ended as

USD took out the trailing stop-loss at 111.90 (111.99 high at

time of writing). The price action is not surprising as we have

warned of the waning momentum over the past couple of

days. From here, USD is deemed to have moved into a

consolidation phase and in view of the outsized drop last

week, a broad sideway consolidation between 110.20 and

113.10 would not be surprising.

Disclaimer: This analysis is based on information available to the public. Although the information contained herein is believed to be reliable, UOB

Group makes no representation as to the accuracy or completeness. Also, opinions and predictions contained herein reflect our opinion as of date

of the analysis and are subject to change without notice. UOB Group may have positions in, and may effect transactions in, currencies and financial

products mentioned herein. Prior to entering into any proposed transaction, without reliance upon UOB Group or its affiliates, the reader should

determine, the economic risks and merits, as well as the legal, tax and accounting characterizations and consequences, of the transaction and that

the reader is able to assume these risks. This document and its contents are proprietary information and products of UOB Group and may not be

reproduced or otherwise.

Singapore Company Reg No. 193500026Z

Updated on 27 Mar 17 *Updated on 27 Apr 17

*Meetings associated with a Summary of Economic Projections and a press conference. #Meetings associated with release of Inflation Report.

^Meetings associated with release of Monetary Policy Statement. **Meetings associated with release of Outlook Report.

UOB FX & Interest Rate Outlook

FX Outlook 2Q17 3Q17 4Q17 1Q18 Rates Outlook 2Q17 3Q17 4Q17 1Q18

EUR/USD 1.06 1.06 1.08 1.09 EU 0.00% 0.00% 0.00% 0.00%

GBP/USD 1.23 1.22 1.21 1.20 UK 0.25% 0.25% 0.25% 0.25%

AUD/USD 0.78 0.79 0.79 0.80 AU 1.50% 1.50% 1.50% 1.50%

NZD/USD 0.70 0.71 0.71 0.72 NZ 1.75% 1.75% 1.75% 1.75%

USD/JPY 115 117 118 119 JP -0.20% -0.20% -0.20% -0.30%

USD/SGD 1.43 1.45 1.46 1.47 SG 1.20% 1.40% 1.45% 1.65%

USD/MYR* 4.35 4.46

4.32 4.48

4.30 4.50

4.28 4.52

MY 3.00% 3.00% 3.00% 3.00%

USD/THB 35.8 36.2 36.5 36.8 TH 1.50% 1.50% 1.50% 1.75%

USD/CNY 7.02 7.09 7.16 7.20 CN 4.35% 4.35% 4.35% 4.35%

USD/IDR 13600 13700 13800 13900 ID 4.75% 4.75% 4.75% 5.00%

USD/PHP 50.2 50.6 50.9 50.9 PH 3.25% 3.50% 3.50% 3.50%

USD/INR 67.9 68.8 69.8 69.8 IN 5.75% 5.50% 5.50% 5.50%

USD/TWD 31.0 31.1 31.4 31.6 TW 1.38% 1.38% 1.38% 1.38%

USD/HKD 7.80 7.80 7.80 7.80 HK 1.50% 1.75% 1.75% 2.00%

USD/KRW 1140 1150 1160 1170 KR 1.25% 1.25% 1.25% 1.25%

US 1.25% 1.50% 1.50% 1.75%

Central Bank Meetings 2017

Central Bank Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Federal Reserve (FOMC) - 01 15* - 03 14* 26 - 20* - 01 14*

European Central Bank (ECB) 19 - 09 27 - 08 20 - 07 26 - 14

Bank of England (BOE) - 02# 16 - 11

# 15 - 03

# 14 - 02

# 14

Reserve Bank of Australia (RBA) - 07 07 04 02 06 04 01 05 03 07 05

Reserve Bank of New Zealand (RBNZ) - 09^ 23 - 11^ 22 - 10

^ 28 - 09

^ -

Bank of Japan (BOJ) 31** - 16 27** - 16 20** - 21 31

** - 20

**

Bank Negara Malaysia (BNM) 19 - 02 - 12 - 13 - 07 - 09 -

Bank of Thailand (BOT) - 08 29 - 24 - 05 16 27 - 08 21

Monetary Authority of Singapore (MAS) - - - 13 - - - - - tba - -

http://www.uobgroup.com/assets/pdfs/research/QGO_2q17.pdf

https://goo.gl/4mXnDa

quek ser leang global economics & markets research ... insights wednesday, 24 may 2017 1 | p a g...

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