West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to attract any meaningful buyers and languishes near its lowest level since April 17, touched during the Asian session earlier this Friday.
The USD/JPY pair gains traction to near 160.25 during the early Asian session on Friday. Hotter-than-expected US Producer Price Index (PPI) data provides some support to the US Dollar (USD) against the Japanese Yen (JPY).
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann keep a neutral stance on USD/CNH, expecting intraday consolidation between 6.7760 and 6.7880 after recent directionless trading. On a 1–3 week horizon, the pair is seen holding a broader 6.7620–6.7980 range.