During today’s Currency Call, Gim Hong highlighted that the previous upwards revision of economic growth in Japan by the Bank of Japan (BoJ) was based on the outlook that the number of COVID-19 cases at the end of 2020 is low. However, due to a recent surge in the number of cases, the BoJ may be revising its projection downwards.
Scott highlighted that the 91.20 to the 91.50 region of the U.S. dollar index is a resistance zone to watch out for. Failing to break the resistance zone may lead to a bearish move from the dollar index, presenting selling opportunities. With the FOMC coming up, a long-term approach to raising rates may lead to the weakening of the USD.
Jin highlighted that the focus on the FOMC announcement will be on whether the central bank is planning to carry out further stimulus or rate hike based on the inflation and GDP data.
During the day, EUR/USD weakened slightly.
The U.S. consumer confidence data will be released later at 2200 (SGT).
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