usd/sgd: 1 - uob groupfx insights thursday, 04 february 2016 3 | p a g e usd/sgd: 1.4155 after...

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

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

Thursday, 04 February 2016 FX Insights

Chart Of The Day – USD/SGD: 1.4155 Expect further USD weakness towards 1.4070.

As pointed out in recent updates, USD has to reclaim 1.4335 before a stronger up-move can be expected. This level was tested

yesterday with an exact high of 1.4335 but the subsequent sharp and rapid drop that took easily took out the strong 1.4140

support was clearly not expected. The sharp drop is accompanied by strong and impulsive downward momentum and from

here, further USD weakness towards 1.4070 will not be surprising. Key resistance is still at 1.4335 but in order to maintain the

current pace, any short-term rebound should stay below 1.4260.

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FX Insights Thursday, 04 February 2016 2 | P a g e

OVERVIEW

Equities went on a wild ride on Wednesday, with the S&P500 opening up by a bit, dropping by as much as 2.1% intraday, and

then rallying by 2.5% from intraday lows to close at +0.5%. US Treasuries followed a similar erratic path, with the 10-year yield

ending the day up in yield by 4bps at 1.88% having traded at as low of a yield as 1.79%. The greenback took a hit after the

release of weaker economic data, highlighted by weaker than expected ISM non-manufacturing data – which fell 2.3pts in

January to 53.5 – the lowest reading seen since February 2014. This overshadowed the ADP report, which pointed to a 205k

increase in private payrolls in January, with the construction sector adding 21k and the service sector adding 192k. Within the

commodity space, WTI crude jumped 8% higher to $32.75, snapping a two-day rout due to a weaker US dollar and returning

hopes of an OPEC meeting to cut supplies. Thursday’s economic docket will bring a trio of US data releases: Q4 nonfarm

productivity figures, jobless claims numbers for the final week of January, and factory order numbers for December. Dallas Fed

President Robert Kaplan will speak on the global economy. In the meantime, we look for sideway trades to dominate, as

markets await more USD cues and ahead of tomorrow’s nonfarm payrolls release.

INDICATORS/DATA

Fed Funds Rate: 0.25-0.50% |Last Change: +0.25% in Dec 15

|Next FOMC Meeting: 16-Mar-16

GDP QoQ: +3.9% in 2Q15 |+2.0% in 3Q15 |4Q15 Release (2nd release): 26-Feb-16 Unemployment: 5.0% in Nov |5.0% in Dec |Jan Release: 05-Feb-16 Nonfarm payroll: +252k in Nov |+292k in Dec |Jan Release: 05-Feb-16 Retail Sales: +0.4% in Nov |-0.1% in Dec |Jan Release: 12-Feb-16 Retail Sales ex autos: +0.3% in Nov |-0.10.% in Dec |Jan Release: 12-Feb-16 Durable Goods: -0.5% in Nov |-5.1% in Dec |Jan Release: 25-Feb-16 Durable Goods ex autos: -0.5% in Nov |-1.2% in dec |Jan Release: 25-Feb-16 Housing Starts: +1175k in Nov |+1149k in Dec |Jan Release: 17-Feb-16 Case Shiller 20-City Index: +5.5% in Oct |+5.7% in Nov |Dec Release: 23-Feb-16

UOB Fed Funds Rate Forecast: |end 1Q16: 0.75% |end 2Q16: 1.00% |end 3Q16: 1.25% |end 4Q16: 1.50%


USD/SGD: 1.4155

After touching a high of 1.4336, USD/SGD dropped sharply to a low of 1.4114 during the Ldn/NY session. SGD NEER is at

around 1.55% below the mid-point this morning with -1% to -2% implying USD/SGD range of 1.4075-1.4220, based on current

FX levels.

24-HOUR VIEW: 1-3 WEEKS VIEW:

USD tried but failed to break above the major resistance

indicated at 1.4335 yesterday (actual high of 1.4335). The

unexpected rapid and sharp drop from the high sliced

through major supports to touch a 6-week low of 1.4115.

While further USD weakness is likely in the days ahead, the

current sharp drop is extremely over-extended and further

sustained losses appears unlikely for today. For now, USD is

expected to consolidate its sharp decline and trade sideways

at these lower levels. Expected range for today,

1.4120/1.4200.

*Bearish: Expect further USD weakness towards 1.4070.

[See Chart of the Day on page 1]


EUR/SGD: 1.5710


EUR touched an overnight high of 1.5805 but the sharp pull-

back suggests that we have seen a temporary short-term

top. This pair is expected to consolidate its recent strong

gains and trading is expected to be choppy but likely limited

to a range of 1.5620 and 1.5780.

*Bullish: Likely seen bulk of up-move, major resistance at

1.5830.

While we noticed the improvement in upward momentum, the

strong overnight move that surged to a high of 1.5805 was

not expected. Further EUR strength appears likely in the

coming days, but it appears that we have seen the bulk of

the rally. The next major resistance is at 1.5830 (tested twice

in January) and this level will not be easy to crack. That said,

only a move back below 1.5530 would indicate that the

current bullish phase has ended.

GBP/SGD: 2.0660


The initial pull-back in GBP held above 2.0530 as expected

(low of 2.0556) but the subsequent strong rally that easily

took out the major 2.0695 resistance was clearly unexpected

(high of 2.0795/00). The sharp drop from the high suggests

that we have likely seen a temporary top and this pair is

expected to trade sideways within a broad range for today,

likely between 2.0550 and 2.0750.

Neutral: Rebound could extend further to 2.0860.

The corrective recovery target of 2.0695 highlighted in the

Chart of the Day update two days ago was exceeded as

GBP surged to a high of 2.0795/00. While the outlook for the

next few days is positive, any further up-move is expected to

struggle to move above the next major level of 2.0860. In

other words, we prefer to maintain a neutral stance for now

and will only shift to bullish if there is a clear break above

2.0860. That said, this pair is expected to remain

underpinned unless there is move back below 2.0430.

AUD/SGD: 1.0155


The strong rally appears incomplete and could extend

towards the strong 1.0210 resistance from here. 1.0100 is

likely strong enough to hold any intraday pull-back.

Bullish: To take partial profit at 1.0210.

Despite the strong recovery yesterday, the upward

momentum is still not very strong and as highlighted in

recent updates; any further AUD strength is likely limited to

1.0210. Those who are long should consider taking some

profit at this level. Stop-loss is adjusted higher to 1.0055

from 1.0015.

JPY/SGD: 1.1990


The sharp drop from the high of 1.2130/35 suggests that a

short-term top is in place. That said, the current movement is

likely the early stages of a broad consolidation phase and not

the start of a bearish reversal. Expect choppy trading within a

broad range for today, likely between 1.1930 and 1.2060.

Neutral: Expect further choppy trading within a broad range.

We just turned neutral for this pair as indicated in the Chart

of the Day update yesterday. As pointed out, a move towards

1.2095 is not ruled out but a sustained break above this level

is not expected. The quick and rapid drop from the overnight

high of 1.2130/35 reinforces our current neutral view. To put

it another way, this pair is expected to continue to trade

choppily within a broad range.

http://www.uobgroup.com/assets/pdfs/research/FXI_160202.pdf




USD/MYR: 4.1650

USD/MYR has moved lower on the back of the oil price recovery as well as broad USD weakness. In news, Datuk Seri Mukhriz

Mahathir was forced to resign as Kedah menteri besar because he lost the majority support of the assemblymen, the Prime

Minister’s Office (PMO) said.

1-3 WEEKS VIEW:

Neutral: USD under short-term downward pressure but only daily closing below 4.1160 would indicate resumption of bearish

phase.

We shifted to a neutral USD stance yesterday and there is no change to the view. We continue to view the current movement

as part of a broad consolidation phase. Only a daily closing below 4.1160 would indicate that the recent bearish USD phase

has resumed. On a shorter-term note, this pair is expected to remain under pressure unless it can reclaim 4.2470 in the next

few days.

INDICATORS/DATA

Overnight Policy Rate: 3.25% |Last Change: +0.25% in Jul 2014 |Next BNM Meeting: 09-Mar-16

GDP YoY: +4.9% in 2Q15 |+4.7% in 3Q15 |4Q15 Release: 18-Feb-16 CPI YoY: +2.6% in Nov |+2.7% in Dec |Jan Release: 24-Feb-16 Trade Balance: +12.16b in Oct |+10.23b in Nov |Dec Release: 05-Feb-16 Export: +16.75%in Oct |+16.7% in Nov |Dec Release: 05-Feb-16 Import: -0.4%% in Oct |+9.1% in Nov |Dec Release: 05-Feb-16 Industrial Production: +4.2% in Oct |+1.8% in Nov |Dec Release: 11-Feb-16 UOB FX Forecast: |end 1Q16: 4.33 |end 2Q16: 4.36 |end 3Q16: 4.25 |end 4Q16: 4.20 UOB Overnight Policy Rate Forecast: |end 1Q16: 3.25% |end 2Q16: 3.25% |end 3Q16: 3.25% |end 4Q16: 3.25%

USD/THB: 35.63

The Bank of Thailand (BoT) kept its key interest rate unchanged for the sixth straight meeting, as widely expected, allowing

government spending to help revive flagging economic growth. The central bank said monetary policy remained accommodative

and the policy space should be preserved for future utilisation, while being mindful of risks to financial stability. The BoT

forecasts economic growth of 3.5% this year and 2.8% for 2015. Official 2015 GDP data is due on 15 Feb 2016.

1-3 WEEKS VIEW:

Neutral: Still neutral but has to move above 35.80 or downside risk will continue to grow.

Similar to USD/MYR, the outlook for this pair remains neutral for now. Only a daily closing below 35.58 would indicate the

resumption of the recent bearish phase. Overall, USD has to reclaim 35.80 in the next few days or the downside risk will

continue to grow.

INDICATORS/DATA

1-Day Repo Rate: 1.50% |Last Change: -0.25% in Apr 2015 |Next BOT Meeting: 23-Mar-16 GDP YoY: +2.8% in 2Q15 |+2.9% in 3Q15 |4Q15 Release: 16-Feb-16 CPI YoY: -0.85% in Dec |-0.53% in Jan |Feb Release: 01-Mar-16 UOB FX Forecast: |end 1Q16: 36.2 |end 2Q16: 36.5 |end 3Q16: 36.8 |end 4Q16: 37.0 UOB 1-Day Repo Rate Forecast: | end 1Q16: 1.50% |end 2Q16: 1.50% |end 3Q16: 1.50% |end 4Q16: 1.50%


USD/CNH: 6.6120

USD/CNY ended marginally firmer at 6.5764 on Wednesday compared to 6.5800 on Tuesday with trading expected to thin

ahead of the week-long Chinese New Year holiday. USD/CNH ended lower at 6.6106 on Wednesday from 6.6276 on

Tuesday. However, depreciation pressure on CNY could resurface ahead of G20 finance ministers and central bank governors

meeting in Shanghai on 26-27 February. Meanwhile, China’s January Caixin services PMI (Dec: 50.2) rose to 6-month high at

52.4. The official non-manufacturing PMI released earlier this week has fallen to 53.5 in January from 54.4 in December. Both

sets of PMI for the services sector continued to show expansion in January.


The 6.6360 target indicated yesterday was exceeded as

USD surged to a high of 6.6510. The rapid and sharp drop

from the high has clearly dented the recent upward

momentum. While the risk is tilted to the downside but from

here, any further weakness is likely limited to 6.5950. Only a

move above 6.6250 would indicate that the immediate

downward pressure has eased.

Neutral: Neutral phase remains intact for now.

While USD moved above the strong 6.6300 resistance, it

was unable to hold on to its gains. The rapid reversal from

the high of 6.6510 suggests that this pair is still trapped in a

broad range for now. In other words, there is no change to

the current neutral view.

INDICATORS/DATA

Benchmark Deposit Rate: 1.50% |Last Change: -0.25% in Oct 2015 Benchmark Lending Rate: 4.35% |Last Change: -0.25% in Oct 2015 Reserve Requirement Ratio: 17.50% |Last Change: -0.50% in Oct 2015

GDP YoY: +6.9% in 3Q15 |+6.8% in 4Q15 |1Q15 Release: 20-Apr-16 Caixin Manufacturing PMI: 48.2 in Dec |48.4 in Jan |Feb Release: 01-Mar-16 NBS Manufacturing PMI: 49.7 in Dec |49.4 in Jan |Feb Release: 01-Mar-16 PPI YoY: -5.9% in Nov |-5.9% in Dec |Jan Release: 09-Feb-16 CPI YoY: +1.5% in Nov |+1.6% in Dec |Jan Release: 09-Feb-16 Trade Balance: +54.1b in Nov |+60.1b in Dec |Jan Release: 15-Feb-16 Export: -6.8% in Nov |-1.4% in Dec |Jan Release: 15-Feb-16 Import: -8.7% in Nov |-7.6% in Dec |Jan Release: 15-Feb-16

UOB FX (USD/CNY) Forecast: |end 1Q16: 6.55 |end 2Q16: 6.60 |end 3Q16: 6.47 |end 4Q16: 6.45 UOB Benchmark Lending Rate Forecast: |end 1Q16: 4.10% |end 2Q16: 3.85% |end 3Q16: 3.85% |end 4Q16: 3.85%


EUR/USD: 1.1095 In Europe, the main focus out of Tuesday’s economic docket was on the labour market. The Euro area unemployment rate

unexpectedly fell to an almost 5-year low of 10.4% in December. Meanwhile, national reports in both Germany and Spain

suggested that labour market conditions continued to improve in January. Today, the final euro area Markit services sector PMI

for January will be released together with first readings for Italy and Spain.


EUR punched through successive major resistances to

touch a high of 1.1145, level not seen since October last

year. The rally appears to be running ahead of itself and any

extension higher is not expected to move significantly above

1.1165/70. That said, any down-move is expected to

encounter strong support at 1.1050 and 1.1000 would be a

tough level to break from here.

*Bullish: Target a move to 1.1240

In Europe the services PMI remained resilient, with the final

January reading confirmed at 53.6 in January, down just

0.6pts from 54.2 in December. The German services PMI

was revised down 0.4pts to 55.0, thus falling 1pt on the

month. The French services PMI was revised down 0.3pts

to 50.3, but was up from 49.8 in December. The Italian

services PMI fell 1.7pts to 53.6 in January, while the

Spanish PMI fell 0.5pts to 54.6. The area-wide composite

PMI was revised up 0.1pt to 53.6 in January, to be down

0.7pts over December reading. This still points to stronger

growth than recent hard data has suggested.


GBP/USD: 1.4590

GBP was supported by a firmer than expected January UK services PMI reading that came in at 55.6, against expectations for

55.3, and up from 55.5 in December. All eyes on today’s BoE Inflation Report, along with BoE Governor Carney's press

conference and the January MPC minutes. With no expectation of a change of policy the immediate attention will be on the vote,

another 8-1 expected with McCafferty still the hawkish outlier. On the data front, Halifax house prices for January will also be

due.


Instead of the expected gradual and limited up-move, GBP

staged a spectacular rally to close about 240 pips higher

from previous day. The rally appears to have scope to extend

higher but a sustained move above 1.4660 appears unlikely,

at least not for today. Support is at 1.4540 but only a move

back below 1.4490 would indicate that an interim top is in

place.

Neutral: Only daily closing above 1.4680 would indicate start

of a bullish phase.

The corrective rebound target indicated in recent updates at

1.4565 was exceeded with an overnight high of 1.4649. The

high is not far from the next major resistance at 1.4680.

While the short-term undertone remains positive (unless

there is a move back below 1.4490), we prefer to wait for a

daily closing above 1.4680 before shifting to a bullish stance.

In other words, we are not certain that the current GBP

strength can be sustained in the coming days.

INDICATORS/DATA

Bank Rate: 0.50% |Last Change: -0.50% in Mar 2009 |Next BOE Meeting: 04-Feb-16

GDP QoQ: +0.5% in 3Q15 |+0.4% in 4Q15 |4Q15 2nd release: 25-Feb-16 CPI YoY: +0.1% in Nov |+0.2% in Dec |Jan Release: 16-Feb-16 Unemployment: 5.2% in Oct | 5.1% in Nov |Dec Release: 17-Feb-16 Services PMI: 55.9 in Nov |55.5 in Dec |Jan Release: 06-Feb-16

UOB FX Forecast: |end 1Q16: 1.42 |end 2Q16: 1.41 |end 3Q16: 1.39 |end 4Q16: 1.41 UOB Bank Rate Forecast: |end 1Q16: 0.50% |end 2Q16: 0.50% |end 3Q16: 0.50% |end 4Q16: 0.75%


AUD/USD: 0.7155

Australia’s NAB quarterly business confidence index rose from a revised 1 in 3Q to 4 in the December quarter. According to the

release, businesses’ investment intentions lifted marginally in the final quarter and hiring intentions remained elevated, ra ising

hopes for an ongoing recovery in non-mining sectors.


AUD dipped to a low of 0.7003 before rocketing higher to

take out last week’s peak of 0.7142 (overnight high of

0.7189). While further AUD strength is likely in the days

ahead, any intraday up-move is likely limited to 0.7205/10.

The support at 0.7070 is likely strong enough to hold from

here.

*Bullish: Target a move to 0.7260.

AUD finally closed above 0.7110 indicating the start of a

bullish phase in AUD. The immediate target is at 0.7260,

stop-loss is at 0.7070.


NZD/USD: 0.6650

Earlier this morning, RBNZ Assistant Governor McDermott told an audience that the RBNZ would be happier with a lower

exchange rate, when answering a question after delivering a speech entitled “Forward Guidance – Enhancing Monetary Policy

in New Zealand”. His speech however gave no indicators on the bank’s current monetary policy outlook.


Instead of struggling to move above the strong 0.6555

resistance, NZD surged effortlessly to touch a high of 0.6697.

A retest of the high will not be surprising but a sustained

move above this level appears unlikely, at least not for today.

Support is at 0.6600 and the “break-out” level of 0.6555 is

not expected to come under threat for now.

*Bullish: Target a move to 0.6740.

The impulsive break above the major 0.6555 resistance is

clearly a bullish break-out. That said, we may have seen the

bulk of the rally even though another leg towards 0.6740 will

not be surprising. Stop-loss is at 0.6555.


USD/JPY: 118.05

A bad session for the greenback saw USD/JPY plummeting to lows of 117.06. As equities rebounded, the recovery stalled

near 118.00. This morning the pair remains heavy around the 117.75 region. Yesterday, BoJ’s Kuroda reiterated that BoJ can

cut rate further into the negative territory, expand easing or devise new tools if needed. His comments were further

underscored by his ally Masahiro Kawai who said that negative rates could extend to as much as minus 1% from the current

minus 0.1%. Separately, Nikkei also reported that BoJ would cap application of negative interest rates to 30t yen, which is

about one-tenth of total current-account deposits but the central bank believed it is enough to spur lending and investment.


The crash in USD that took out last week’s low was clearly

not expected (low of 117.03). The up-move from the low is

likely just a corrective rebound and the risk is still tilted on the

downside for today. Only a move back above 118.80 would

indicate that the downside pressure has eased but it is more

likely we will see another down-leg towards the low 117 from

here.

Neutral: Expect choppy trading within a broad range.

The shift to a neutral stance yesterday was timely even

though we clearly do not anticipate such a sharp drop to

117.03. In view of the extreme volatility, we believe it is too

early to expect a sustained down-move at this stage. From

here, we think only a clear move below the recent low near

115.95/00 would indicate the start of a bearish phase. In the

meanwhile, the elevated volatility could lead to a period of

choppy trading within a very broad range.


1Last updated on 07 Jan 16



UOB FX & Interest Rate Outlook

FX Outlook 1Q16 2Q16 3Q16 4Q16 Rates Outlook 1Q16 2Q16 3Q16 4Q16

3EUR/USD 1.10 1.11 1.11 1.12 EU 0.05% 0.05% 0.05% 0.05%

2GBP/USD 1.42 1.41 1.39 1.41 UK 0.50% 0.50% 0.50% 0.75%

AUD/USD 0.74 0.74 0.75 0.76 AU 2.00% 2.00% 2.00% 2.00%

NZD/USD 0.65 0.65 0.66 0.67 NZ 2.50% 2.50% 2.50% 2.50%

USD/JPY 126 127 128 129 JP 0.1% 0.1% 0.1% 0.1%

USD/SGD 1.45 1.46 1.44 1.42 SG 1.20% 1.25% 1.35% 1.50%

USD/MYR 4.33 4.36 4.25 4.20 MY 3.25% 3.25% 3.25% 3.25%

USD/THB 36.2 36.5 36.8 37.0 TH 1.50% 1.50% 1.50% 1.50%

1USD/CNY 6.55 6.60 6.47 6.45 CN 4.10% 3.85% 3.85% 3.85%

USD/IDR 14,100 14,300 14,000 13,900 ID 7.5% 7.5% 7.5% 8.0%

USD/PHP 47.5 48.0 47.0 46.0 PH 4.0% 4.0% 4.0% 4.0%

USD/INR 68.0 69.5 68.0 66.0 IN 6.75% 6.75% 6.75% 7.00%

USD/TWD 33.9 34.1 33.9 33.6 TW 1.50% 1.50% 1.50% 1.50%

USD/HKD 7.80 7.80 7.80 7.80 HK 1.50% 1.50% 1.50% 1.50%

USD/KRW 1190 1220 1180 1160 KR 1.50% 1.50% 1.50% 1.75%

US 0.75% 1.00% 1.25% 1.50%

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

*Change 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-15.

04-Feb-16 Summary of Views

FX Pairs Spot Outlook Since Rate

Target Trailing-Stop Support Resistance

USD/SGD 1.4155 *Bearish 04 Feb 16

1.4155 1.4070 1.4260

S1: 1.4120 S2: 1.4070

R1: 1.4260 R2: 1.4335

EUR/SGD 1.5710 *Bullish 04 Feb 16

1.5710 1.5830 1.5530

S1: 1.5620 S2: 1.5530

R1: 1.5780 R2: 1.5830

GBP/SGD 2.0600 Neutral 28 Jan 16

2.0410 - -

S1: 2.0550 S2: 2.0430

R1: 2.0750 R2: 2.0860

AUD/SGD 1.0155 Bullish 29 Jan 16

1.0105 1.0210

1.0055 1.0015

S1: 1.0100 S2: 1.0055

R1: 1.0210 R2: 1.0255

JPY/SGD 1.1990 Neutral 03 Feb 16

1.1735 - -

S1: 1.1930 S2: 1.1820

R1: 1.2060 R2: 1.2130

USD/MYR 4.1650 Neutral 03 Feb 16

4.2390 - -

S1: 4.1500 S2: 4.1160

R1: 4.2470 R2: 4.2780

USD/THB 35.63 Neutral 03 Feb 16

35.82 - -

S1: 35.58 S2: 35.50

R1: 35.70 R2: 35.80

USD/CNH 6.6120 Neutral 12 Jan 16

6.5960 - -

S1: 6.5950 S2: 6.5700

R1: 6.6250 R2: 6.6510

EUR/USD 1.1095 *Bullish 04 Feb 16

1.1095 1.1240 1.0960

S1: 1.1050 S2: 1.0960

R1: 1.1170 R2: 1.1240

GBP/USD 1.4590 Neutral 25 Jan 16

1.4270 - -

S1: 1.4540 S2: 1.4490

R1: 1.4660 R2: 1.4680

AUD/USD 0.7155 *Bullish 04 Feb 16

0.7155 0.7260 0.7070

S1: 0.7105 S2: 0.7070

R1: 0.7205 R2: 0.7260

NZD/USD 0.6650 *Bullish 04 Feb 16

0.6650 0.6740 0.6555

S1: 0.6600 S2: 0.6555

R1: 0.6695 R2: 0.6740

USD/JPY 118.05 Neutral 03 Feb 16

119.85 - -

S1: 117.00 S2: 115.95

R1: 120.05 R2: 121.70

FX Pairs Ranges for 03-Feb-16 Performance*

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

USD/SGD 1.4295 1.4335 1.4115 1.4140 -1.07% -1.30% -0.75% -0.16%

EUR/SGD 1.5583 1.5805 1.5579 1.5694 +0.70% +0.64% +1.79% +1.91%

GBP/SGD 2.0569 2.0798 2.0556 2.0637 +0.34% +1.28% -1.49% -1.18%

AUD/SGD 1.0052 1.0163 1.0011 1.0131 +0.83% +0.72% -1.04% -1.77%

JPY/SGD 1.1897 1.2133 1.1897 1.1989 +0.77% -0.61% +0.59% +1.79%

USD/MYR 4.2050 4.2490 4.2050 4.2190 +0.33% -0.79% -2.83% -1.65%

USD/THB 35.83 35.89 35.66 35.72 -0.30% -0.27% -1.10% -0.91%

USD/CNH 6.6285 6.6510 6.5980 6.6134 -0.25% -0.08% -0.23% +0.67%

EUR/USD 1.0916 1.1145 1.0902 1.1103 +1.71% +1.94% +2.53% +2.08%

GBP/USD 1.4410 1.4649 1.4385 1.4601 +1.32% +2.59% -0.75% -0.97%

AUD/USD 0.7039 0.7189 0.7003 0.7167 +1.81% +2.00% -0.31% -1.74%

NZD/USD 0.6513 0.6697 0.6509 0.6671 +2.39% +3.68% -1.14% -2.65%

USD/JPY 119.94 120.03 117.03 117.88 -1.71% -0.65% -1.28% -1.93%

usd/sgd: 1 - uob groupfx insights thursday, 04 february 2016 3 | p a g e usd/sgd: 1.4155 after...

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