Market Analysis, July 2024 – According to analysts from UOB Group, Quek Ser Leang and Lee Sue Ann, the US Dollar (USD) is anticipated to maintain a narrow trading range in the near term, with projected levels between 7.2820 and 7.2950.
24-Hour View: Yesterday, USD traded within a narrower range than anticipated, closing near 7.2872 (-0.01%). The subdued price action offers limited new insights, and analysts foresee USD continuing to trade within a range, likely bounded by 7.2820 and 7.2950.
1-3 Weeks View: Following recent observations, analysts noted that upward momentum for USD had waned, suggesting a phase of consolidation. Expectations remain for USD to fluctuate between 7.2700 and 7.3100 in the short term, maintaining a neutral stance on further directional movement.
Despite these projections, analysts caution that market dynamics could swiftly alter these expectations, necessitating ongoing monitoring of price movements and broader economic factors impacting currency markets.
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