24-hour view: We expected USD to trade in a range of 7.1200/7.1600 last Friday. However, USD fell to a low of 7.1050 and then rebounded. We view the price actions as part of a consolidation phase and expect USD to trade between 7.1200 and 7.1630 today.

Next 1-3 weeks: There is not much to add to our update from last Friday (16 Jun, spot at 7.130). As highlighted, the recent USD strength has ended. USD has likely moved into a consolidation phase and is likely to trade between 7.0900 and 7.1800 for the time being.