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FX and rates
USD/Asia Weekly - SGD/CNH: 5.4200
17 March 2025
Downward momentum is building tentatively; SGD/CNH is likely to trade with a downward bias towards 5.4090.
Monthly FX and Rates Strategy - Sell! Dollar! Sell!
09 May 2025
The Dollar (USD) has had a very difficult month across April with an entire barrage of emotive de-dollarization rumors.
Macro
Weekly Outlook: 12 - 16 May 2025
9 May 2025
A quick roundup of the data and issues that matter for the week ahead on Singapore, Asian Economies and US & Developed Economies
The Central Bank Watch
2 May 2025
A snapshot of UOB's projections and views on key central banks rate decisions and policy outlook for the month.
Markets commentary
Rates View - Jul 2024: Singapore Government Securities (SGS) auction
24 July 2024
SGD 1.7bn of Jul 2039 (15Y SGS) will be reopened on Mon 29 Jul.
Commodities View - Gold's long term positive drivers remain intact after near term consolidation
13 May 2025
Last Friday, in our latest monthly report dated 9th May 25, we raised our positive gold forecast further to USD 3,600 / oz by 1Q26.
Past reports
The Dollar (USD) has had a very difficult month across April with an entire barrage of emotive de-dollarization rumors.
As a result of the punitive reciprocal tariffs announced on "Liberation Day", our macroeconomics team has downgraded US GDP growth forecast this year from 1.8% to 1.0%.
Downward momentum is building tentatively; SGD/CNH is likely to trade with a downward bias towards 5.4090.
Room for SGD/CNH to test 5.4700; the significant resistance at 5.4975 is unlikely to come under threat.
Oversold short-term conditions could lead to a few days of consolidation before a move to 5.3915 can be expected.
A quick roundup of the data and issues that matter for the week ahead on Singapore, Asian Economies and US & Developed Economies
A quick roundup of the data and issues that matter for the week ahead on Singapore, Asian Economies and US & Developed Economies
A snapshot of UOB's projections and updates on key central banks rate decisions and policy outlook for the month.
A quick roundup of the data and issues that matter for the week ahead on Singapore, Asian Economies and US & Developed Economies
A quick roundup of the data and issues that matter for the week ahead on Singapore, Asian Economies and US & Developed Economies
Last Friday, in our latest monthly report dated 9th May 25, we raised our positive gold forecast further to USD 3,600 / oz by 1Q26.
Two key risks against Brent crude oil have deteriorated further. First is the further global growth slowdown due to the chaotic rollout of punitive reciprocal tariffs by the Trump Administration on Liberation Day.
This report is a reproduction with more details of the commentary on gold written in the Commodities Strategy section of the latest Quarterly Global Outlook 2Q25, published on 07 Mar 25.
Further reading
Quarterly Global Outlook 2Q 2025
Tariff frenzy or empty threats ahead?
ASEAN Connect
Learn and capitalize on the megatrend of ASEAN's growth story with our insights and analysis.
UOB House View 2Q 2025
Examines the impact of current economic trends across asset classes and financial markets.
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