S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketThe near-term bias is tilted to the upside, but Pound Sterling (GBP) may not break above 1.3505, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
GBP may not break above 1.3505
24-HOUR VIEW: “Yesterday, GBP soared to a high of 1.3491 before pulling back, closing modestly higher by 0.12% at 1.3443. The pullback amid slowing momentum and overbought conditions suggests GBP is unlikely to rise further. Today, we expect GBP to range-trade, most likely between 1.3420 and 1.3470.”
1-3 WEEKS VIEW: “Despite advancing at a brisk pace over the past two days, GBP has not gained much momentum. That said, the near-term bias is tilted to the upside toward 1.3505. Based on the current momentum, GBP may not break clearly above this level. On the downside, a breach of 1.3380 could indicate that GBP is likely to range-trade instead of trading with an upward bias.”
