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China: Producer Prices rose to record highs – UOB

Economist at UOB Group Ho Woei Chen, CFA, comments on the release of the Producer Prices in the Chinese economy. “China’s Producer Price Index (PPI) inflation surged to a record high of 10.7% y/y in September (Bloomberg est: 10.5%; Aug: 9.5%) while Consumer Price Index (CPI) rose at a more subdued pace of 0.7% y/y (Bloomberg est: 0.8%; Aug: 0.8%) due to a larger food price deflation.”
ECONOMY
Picture for China: Producer Prices rose to record highs – UOB
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South Korea: BoK expected to hike rates in November – UOB

Economist at UOB Group Ho Woei Chen, CFA, suggests the BoK could hike the policy rate by 25 bps at its November meeting. “As expected, the Bank of Korea (BoK) kept its benchmark base rate unchanged at 0.75% today and reinforced our conviction for the second rate hike to take place in November, the last rate meeting for this year.”
BUSINESS
Picture for South Korea: BoK expected to hike rates in November – UOB
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EUR/USD: Sustained decline seen below 1.1500 – UOB

In opinion of FX Strategists at UOB Group, EUR/USD risks a deeper pullback on a breach below the 1.1500 mark. 24-hour view: “We highlighted yesterday that while EUR ‘could dip below last week’s low at 1.1527; the major support at 1.1500 is not expected to come into the picture’. Our view was not wrong as EUR dipped to 1.1523 before settling 1.1527 (-0.21%). Downward momentum has barely improved and 1.1500 is still not expected to come into the picture. For today, EUR is more likely to trade between 1.1520 and 1.1570.”
CURRENCIES
Picture for EUR/USD: Sustained decline seen below 1.1500 – UOB
TRENDING TOPICS
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EUR/USD risks extra decline near term – UOB

FX Strategists at UOB Group believe EUR/USD could be headed towards the 1.1500 area in the near term. 24-hour view: “Our expectations for EUR to ‘drop to 1.1520 first before a more sustained rebound can be expected’ did not materialize as it traded in a quiet manner between 1.1546 and 1.1571 before closing largely unchanged at 1.1550 (-0.05%). Not surprisingly, momentum indicators are neutral and EUR is likely to trade sideways for today, expected to be within a 1.1540/1.1585 range.”
CURRENCIES
ForexTV.com

AUD/USD now faces strong hurdle at 0.7350 – UOB

The upside momentum in AUD/USD gathers further pace and could retest the 0.7350 level, suggested FX Strategists at UOB Group. Key Quotes. 24-hour view: “We expected AUD to stren …. Read Full Story at source (may require registration)
CURRENCIES
FXStreet.com

Further downside on the cards for EUR/USD – UOB

In opinion of FX Strategists at UOB Group, EUR/USD could still grind lower to the 1.1500 region in the next weeks. 24-hour view: “Our expectations for EUR to ‘drop to 1.1520 first before a more sustained rebound can be expected’ did not materialize as it traded in a quiet manner between 1.1546 and 1.1571 before closing largely unchanged at 1.1550 (-0.05%). Not surprisingly, momentum indicators are neutral and EUR is likely to trade sideways for today, expected to be within a 1.1540/1.1585 range.”
CURRENCIES
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