Markets Strategist Quek Ser Leang and Economist Lee Sue Ann at UOB Group still see EUR/USD trading within the 0.9670-0.9860 range in the next few weeks.

Key Quotes

24-hour view: “Our expectation for ‘the rapid decline in EUR to extend’ was incorrect as it popped to a high of 0.9845 and dropped back quickly to close at 0.9783 (+0.12%). The current price movement is likely part of a broad consolidation range and we expect EUR to trade within a range of 0.9730/0.9830 for today.”

Next 1-3 weeks: “We continue to hold the same view as from yesterday (20 Oct, spot at 0.9760). As highlighted, EUR remains in a broad consolidation range and is likely to trade between 0.9670 and 0.9860 for the time being.”