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Global Economics & Markets Research
Email: [email protected]
URL: www.uob.com.sg/research
Friday, 29 April 2016
Markets Overview
HIGHLIGHTS AHEAD

The data focus shifts to Europe on Friday (29 Apr)
where we will get the prelim French 1Q GDP and more
importantly, the Euro-zone prelim April CPI & 1Q 2016
GDP data. For the US data docket this Friday (29 Apr), we
will get the March PCE & core deflator, the March personal
income and spending data, April ISM Milwaukee, the
April Chicago PMI, the final print for the April University of
Michigan consumer confidence survey. But the attention
for the US markets will likely remain on the very busy US
corporate earnings calendar with particular interest on the
US oil majors reporting today (Chevron Corp and Exxon
Mobil Corp both on 29 April). As for the data docket for
the developed economies, the notable releases are Italian
and the Eurozone March unemployment, ECB publishes
monthly bulletin, UK March mortgage approvals & March
M4 Money supply data. The Russian central bank will
make its monetary policy rate decision on 29 April. Note that
Japan will be closed today (29 Apr) for Showa holiday
and then Japan markets will be closed again from 3-5 May
so Japanese markets could be very quiet after the 28 April
BOJ decision till they resume the normal work-week on 9
May. The US & the Eurozone markets will remain open for
business as usual for the first week of May while the UK
will be closed on 2 May (Monday) for the early May Bank
holiday. (Note the European markets are usually closed in
observance of the Labour Day holiday if 1st of May falls on
a working weekday).

Key data due today in Asian (Fri, 29 Apr) will include Taiwan’s
1Q16 GDP at 8:30am with expectations of -0.65%y/y after a
-0.52% decline in 4Q15. Later at 330pm Thailand will issue
its March trade report, with the customs trade data days
earlier (released 25 Apr) showing an unexpected rebound in
exports for two consecutive months of expansion after more
than a year of declines.

Market attention will shift to April PMI reports next week after
a long weekend holiday break. China’s official manufacturing
and nonmanufacturing PMI reports will be released on Sun
at 9am, with expectations for manufacturing PMI holding
steady at 50.3 in Apr vs. 50.2 in Mar.

Japan’s markets are closed today for public holiday and next
Mon, China, Taiwan, HK, M’sia, Thailand, and Singapore will
be closed for May Day public holiday.
CENTRAL BANK MEETINGS

After the market built up expectations for more monetary
stimulus coming in April, the Bank of Japan (BOJ) surprised
the markets on Thursday (28 Apr) as it unexpectedly
maintained its monetary policy stance unchanged (to
keep increasing the monetary base at an annual pace of
80 trillion yen with the extended duration of about 7-12
years and its other buying programs of ETFs, J-Reits, CP,
corporate bonds and loans programs as announced in the
Dec 2015 MPM) and it also kept its Policy-Rate Balances
interest rate unchanged at -0.1%. The BOJ did announce a
loan measure of JPY300bn at zero interest rate to provide
help to the region affected by the Kumamoto Earthquake.
Otherwise, it basically stayed on hold despite the great
market easing expectations.
And on the inflation front, the central bank once again
abandoned its previous forecast to achieve the 2% inflation
by 2nd half of FY2016 and instead it now projects the
“the year-on-year rate of change in the CPI will decrease
gradually from the current level of slightly more than minus
1 percentage point, but remain negative until the beginning
of fiscal 2017. Based on this assumption, the timing of the
year-on-year rate of change in the CPI reaching around
2 percent -- the price stability target -- is projected to be
during fiscal 2017”.
In BOJ governor Kuroda’s post-meeting press conference, he
reiterated that the BOJ will monitor the risks to the economy
and prices closely and will not hesitate taking additional
monetary easing steps if necessary. He also explained that
under the current Japan law, it is impossible for the BOJ
to adopt (helicopter money) but assured that the BOJ can
adopt more negative rates if needed. He also opined that
the negative rates have not significantly affected financial
institutions’ intermediary functions and he (in strongly worded
response?) said that the BOJ will not let financial institutions
dictate Japan’s monetary policy.
While we (and the broader market) expected more easing
measures from the BOJ in April 2016 MPM, the central
bank decided to keep its current monetary policy stance
unchanged in April, confounding many. The BOJ has made
some unexpected decisions in recent months and with
today’s surprise, the BOJ has possibly gained the reputation
of unpredictability. We still expect more BOJ easing to come
in 2016 possibly in the next MPM. If so, we believe that this
will likely be in the form an expansion of its asset purchase
programme and increasing the monetary base to an annual
pace of 90 trillion yen (from 80 trillion yen currently), increase
annual ETF purchases from JPY3tn to JPY 4-5trn. We remain
of the view that the BOJ may hold off more negative rates in
the near term as the BOJ will like more time to assess the
impact of negative rates but rates are still likely to go more
negative before the end of 2016. There is no MPM in May
and the next MPM is on 15/16 June.
hold, though the USD/SGD range has shifted sharply lower
to 1.3379-1.3514.

FX

The US dollar was already on a weaker footing against
the majors on Wednesday (27 Apr) following the April
FOMC and the weakness exacerbated after the BOJ
surprised when it decided to keep its current monetary
policy stance unchanged today, confounding many in
the markets. The weaker than expected US 1Q GDP also
reinforced expectations that the Fed Reserve will stay on
pause for longer, helping the dollar lower. The Japanese yen
shot higher after the BOJ’s surprise pause and the USD/JPY
pair traded to an intraday low of 107.87 in the NY session
before closing at 108.11 (from 111.46 previously). The
euro was also stronger, with the EUR/USD touching 1.1368
intraday and the pair eventually closed near the intraday
high at 1.1352 (from 1.1322 in the previous session). The
UK pound similarly appreciated against the US dollar and the
GBP/USD closed higher at 1.4609 (from 1.4543). The AUD/
USD also gained as commodity prices rallied and ended
higher at 0.7625 (from 0.7591). The kiwi dollar also ended
the NY session stronger and the NZD/USD pair closed at
0.6962 (from 0.6846).

Asian currencies rose across the board against the
USD on Thur, after the surprise decision from BoJ to keep
its policy stance touched off a wave of USD dollar selling,
compounding the impact on the USD after the US Fed
FOMC decision stayed largely neutral on Thur morning. With
most Asian markets closed next Mon for Labour Day holiday,
trading is likely to thin out comparatively today and could
keep a lid on the USD especially after the underwhelming
US 1Q GDP report on Thur evening.

In Asian session on Thur, KRW led its Asian peers with a
0.9% gain to 1,138.10/USD, the biggest increase since 19
Apr, tracking the surge in the JPY immediately after the BoJ
announcement. MYR rose 0.3% to 3.9020/USD, gaining
for second day, after the announcement of a new governor
Bank Negara Malaysia provided much relief to the market
with continuity and stability seen in the central bank. TWD
recovered from early losses to gain the most since 19 Apr,
rising 0.2% to close at 32.279/USD after falling as much as
0.1% to 32.376 intraday. THB rose 0.1% to 35.075/USD
for second day of gains despite Finance Ministry cutting
Thailand’s 2016 GDP growth forecast to 3.3% from 3.7%
previously, on weak exports, according to the ministry’s Fiscal
Policy Office statement. IDR was steady at 13,187/USD from
13,190 on Wed, with Indonesia government projecting 2016
budget deficit to widen to 2.4%-2.5% of GDP, from previous
forecast of 2.15%, according to Finance Ministry.

SGD strengthened along with the rest of other Asian
currencies after BoJ’s surprise inaction, though some of the
gains were erased during Ldn/NY session, the local unit was
still 0.3% firmer at 1.3450/USD from 1.3493 late Wed. The
unit touched intraday high of 1.3415 on Thur afternoon but
trended weaker from there. This morning, the SGD NEER
index dropped back to just around the midpoint, from +0.3%
on Thur. For now, the +/-0.5% range from parity should still
Markets Overview
Friday, 29 April 2016
The surprise decision by BoJ on Thur to keep its policy
stance rather than easing further touched off a wave of
USD selling in Asia in the afternoon. Onshore RMB erased
an earlier decline, rising 0.24%, the biggest in a week, to
6.4792/USD, while offshore CNH strengthened 0.27% to
6.4852/USD late Asian session on Wed, for the biggest
gain in a month, reversing from the day’s low of 6.5156 after
the fixing was lowered. With weaker US 1Q GDP reported
late Thur and both US Fed and BoJ decisions out of the
way, market attention on China will shift to April PMI reports
next week after a long weekend holiday break. The official
manufacturing and nonmanufacturing PMI reports will be
released on Sun at 9am, with expectations for manufacturing
PMI holding steady at 50.3 in Apr vs. 50.2 in Mar. Meanwhile,
weaker USD tone is likely to keep the upside on USD/CNY
capped for now. This morning, the UOB central parity model
is projecting a LOWER USD/CNY fix of 6.4882, vs. fix of
6.4954 on Thur.
EQUITIES

The US equity markets tumbled on Thursday (28 Apr), first hit
by the weaker US 1Q GDP and the surprise decision by the
Bank of Japan against announcing more monetary stimulus.
The selloff worsened after billionaire investor Carl Icahn
told CNBC that he liquidated his remaining Apple shares
due to worries the Chinese government would frustrate the
company’s efforts to sell more iPhones and other gadgets
in China. The DJIA closed 210.79 points (-1.17%) lower to
17,830.8 while the broader S&P 500 index was down by
19.34 points (-0.92%) at 2,075.81. The Nasdaq was fell the
most among the major indices as it fell 57.85 points (-1.19%)
to settle at 4,805.29. The CBOE volatility Index (VIX) or “fear
index” climbed higher to 15.22 (from 13.77 previously).
US TREASURIES

The US treasury market strengthened on Thursday (28 Apr)
as demand was robust for the 7-year note auction amidst
growing confidence that the Fed Reserve will take it slow
in raising interest rates. The US$28bn 7-year note drew
strong demand with a bid-to-cover ratio of 2.65 (from 2.51
previously) at a yield of 1.634% (from 1.606% previously).
The 2-year yield closed the session 3.6bps lower to 0.78%
while the 5-year yield was down by 2.8bps to 1.29%. The
10-year yield was 2.7bps lower to 1.82% while the 30-year
yield was lower by 2.1bps to 2.68%.
COMMODITIES

Global oil prices rallied again on Thursday (28 Apr) touching
fresh highs for 2016 even though there was no significant
news to justify the gains other than the fact that the US dollar
was broadly weaker after the Fed stay put and investors are
increasingly confident that the Fed is in no hurry to hike rates
soon. The NYMEX WTI crude was up US$0.70 to US$46.03
while London ICE Brent is up by nearly US$1 to US$48.14.
Page

Gold price also ended higher on Thursday (28 Apr) on the
back of the weak US data reaffirming expectations that the
Fed will be in no hurry to hike rates soon and the broadly
weaker US dollar overnight. The gold price closed higher by
US$17.20 to US$1266.40.

Philippine President Benigno Aquino warned on
Thursday the country was on the brink of another
dictatorship, in a thinly veiled reference to controversial
politicians leading surveys to win the top two posts in next
month’s elections.

Indonesia is to set GDP growth assumption at 5.5%-5.9%
in 2017 Budget, and to focus on infrastructure, health and
education spending next year, Finance Minister Bambang
Brodjonegoro said Thur. Other assumptions in 2017 state
budget include exchange rate at 13,650-13,900/USD,
inflation at 3%-5% and oil price at US$35-$45/bbl.

Bank Negara Malaysia has fined state fund 1Malaysia
Development Berhad (1MDB) for “failure to fully comply
with directions under the Financial Services Act”, it said in a
statement on Thur. 1MDB said, in a statement, it would pay
an undisclosed fine for not complying with Bank Negara’s
orders but it did not say if it would also repatriate funds as
demanded by Bank Negara.

Malaysia Deputy FinMin Chua Tee Yong said in
Parliament on Thur that household debt ratio in 2015 stood
at 89.1% of GDP, with 56.2% share for property loans to
and 15.5% related to vehicle purchases, while noting that
the government has various measures since 2010 to curb
household debt growth.

The former private wealth banker from BSI charged last
week for receiving S$200,000 in his Bank of China account
- alleged to be “benefits from criminal conduct” - was charged
with 2 additional counts on Thursday. Yeo Jiawei faces one
count of cheating involving US$1.6 million and one count
for attempting to pervert the course of justice, in addition to
the initial charge for receiving the S$200,000, which was a
“benefit of criminal conduct”, Channelnewsasia reported.

London has overtaken Singapore as the secondlargest offshore RMB clearing centre in terms of
payments processing volumes, just behind Hong Kong,
global transaction services organisation SWIFT said Thur.
Singapore overtook London in February 2014, but the trend
started to reverse in January 2016. In March, the value of
RMB payments in London was 21% more than two years
ago, SWIFT said. Hong Kong still processes 72.5% of all
RMB payments, followed by London and Singapore at 6.3%
and 4.6% share, respectively.

A total of 4,600 workers Singapore were made redundant
in 1Q16, compared to the 5,370 in 4Q15. However, the
number was higher compared to the same period a year
ago, according to the Manpower Ministry. Total employment
grew by 11,400, from the seasonally high growth in the fourth
quarter of 2015 at 16,100 and a reversal from the decline of
-6,100 in 1Q15. Overall seasonally adjusted unemployment
rate in Singapore remained unchanged at 1.9%.

Resale prices of private homes fell in March, after a
marginal increase in Feb, according to flash estimates from
the Singapore Residential Price Index (SRPI) released on
Thur. Overall prices declined 1%m/m in March vs. +0.4%m/
m in Feb.
ECONOMIC NEWS & DATA


The usual Thursday US initial jobless claims showed that
the US jobs markets staying tight as it rose to 257k from
prior week’s 248k, but still better than the forecast of 259k
and that four-week moving average of claims was just 256k,
a level last seen in December 1973.
The US 1Q 2016 GDP growth unexpectedly eased to
+0.5%q/q SAAR (lower than the Bloomberg median
forecast of +0.7% and from 1.4% in 4Q 2015). This is the
lowest reading since 1Q 2014. All sectors of the economy
weakened except housing market (as spending on home
purchases jumped nearly 15% in 1Q, the biggest advance
since late 2102.) while consumer spending (which accounts
for 70 % of economic activity), grew at a slower 1.9% (from
2.4% in 4Q15). That said, the first quarter GDP for the US
has been difficult to gauge and in recent years, the growth
estimates have been drastically revised, so we will not be
too surprised if the final 1Q GDP growth be revised higher to
eventually above 1%.

The German prelim April CPI inflation came in as expected
at -0.2%m/m (+0.1%y/y) from +0.8%m/m (+0.3%y/y) in
March.

The Eurozone April economic confidence survey came
in better than expected at 103.9 (from 103 in March and
above the forecast of 103.4)

This morning (29 April), the UK GfK consumer confidence
worsened to -3.0 (from 0 in March and well below the
forecast of -1)

China is said to be considering starting onshore trading
of credit-default swaps linked to company debt as the
number of corporate nonpayments surges, as well as to allow
trading of credit-linked notes, Bloomberg reported Thur.

China will not allow chaos and war to break out on the
Korean peninsula, which would be to no one’s advantage,
Chinese President Xi Jinping told a group of Asian foreign
ministers Thur.

Tianjin is reported to expand cross-border RMB trials
with companies in the city able to borrow RMB funds from
Singapore banks and can sell RMB-denominated bonds in
Singapore and use the funds independently, Xinhua reported,
citing PBOC’s Tianjin branch. In addition, individuals in
the city can conduct China-Singapore cross-border RMB
settlement business under current account and similar trials
were implemented in a zone in the city earlier.
Markets Overview
Friday, 29 April 2016
Page
Economic Indicators
Date
Time
Indicators
28 Apr
0900
1030
2030
29 Apr
01 May
02 May
Markets Overview
Friday, 29 April 2016
Month
Actual
Market Forecast
Previous
CN Swift Global Payments CNY
Mar
SG Unemployment Rate sa
1Q
1.88
-
1.76%
1.9
2.0
1.9%
US Initial Jobless Claims
Apr 23
257
259
248k
2030
US Continuing Claims
2030
US GDP Annualized q/q
Apr 16
2130
2137
2135k
1Q A
0.5
0.7
1.4%
2030
US Personal Consumption
1Q A
1.9
1.7
2.4%
2030
US GDP Price Index
1Q A
0.7
0.5
0.9%
2030
US Core PCE q/q
1Q A
2.1
1.9
1.3%
0700
SK Industrial Production y/y
Mar
0.3
2.4%
0701
UK Lloyds Business Barometer
Apr
-
43
0705
UK GfK Consumer Confidence
Apr
-1
0
0830
TW GDP y/y
1Q P
-0.60
-0.52%
1530
TH Foreign Reserves USD
Apr 22
-
176.6bn
1530
TH Exports USD
Mar
-
18120mn
1530
TH Imports USD
Mar
-
12142mn
1530
TH Trade Balance USD
Mar
-
5978mn
1530
TH BoP Current Account Balance USD
Mar
-
7401mn
1700
EZ GDP q/q sa
1Q A
0.4
0.3%
1700
EZ GDP y/y sa
1Q A
1.4
1.6%
2030
US Employment Cost Index
1Q
0.6
0.6%
2030
US Personal Income
Mar
0.3
0.2%
2030
US Personal Spending
Mar
0.2
0.1%
2030
US Real Personal Spending
Mar
0.1
0.2%
2030
US PCE Core m/m
Mar
0.1
0.1%
2145
US Chicago Purchasing Manager
Apr
53.0
53.6
2200
US U. of Mich. Sentiment
Apr F
90.0
89.7
0800
SK Exports y/y
Apr
-9.6
-8.1%
0800
SK Imports y/y
Apr
-12.3
-13.9%
0800
SK Trade Balance USD
Apr
8272
9855mn
0900
CN Manufacturing PMI
Apr
50.3
50.2
0700
SK BoP Current Account Balance USD
Mar
-
7507.7mn
0930
SK Nikkei South Korea PMI Mfg
Apr
-
49.5
1100
ID Nikkei Indonesia PMI Mfg
Apr
-
50.6
1430
AU Commodity Index y/y
Apr
-
-15.4%
2145
US Markit US Manufacturing PMI
Apr F
-
-
2200
US ISM Manufacturing
Apr
-
51.8
2200
US ISM Prices Paid
Apr
-
51.5
2200
US ISM New Orders
Apr
-
58.3
2200
US Construction Spending m/m
Mar
-
-0.5%
Page
03 May
04 May
05 May
Markets Overview
Friday, 29 April 2016
0700
SK CPIm/m
Apr
-
-0.3%
0700
SK CPI y/y
Apr
-
1.0%
0700
SK CPI Core y/y
Apr
-
1.7%
0945
CN Caixin China PMI Mfg
Apr
-
49.7
1030
TW Nikkei Taiwan PMI Mfg
Apr
-
51.1
1130
My Nikkei Malaysia PMI
Apr
-
48.4
1230
AUD Official Cash Rate
May
2.00
2.00%
1630
UK Markit UK PMI Manufacturing sa
Apr
-
51.0
2100
SG PMI
Apr
-
49.4
0500
SK Foreign Reserves USD
Apr
-
369.84bn
1530
TH Foreign Reserves USD
Apr 29
-
-
1630
UK Markit/CIPS UK Construction PMI
1900
US MBA Mortgage Applications
2015
US ADP Employment Change
2030
2030
Apr
-
54.2
Apr 29
-
-
Apr
-
200k
US Trade Balance USD
Mar
-
47.1bn
US Nonfarm Productivity
1Q P
-
-2.2%
2030
US Unit Labor Costs
1Q P
-
3.3%
2145
US Markit US Services PMI
Apr
-
52.1
2145
US Markit US Composite PMI
Apr
-
51.7
2200
US ISM Non-Manf. Composite
Apr
54.6
54.5
2200
US Factory Orders
Mar
1.0
-1.7%
2200
US Factory Orders Ex Trans
Mar
-
-0.8%
2200
US Durable Goods Orders
Mar F
-
0.8%
2200
US Durables Ex Transportation
Mar F
-
-0.2%
0830
TW CPI y/y
Apr
-
2.00%
0945
CN Caixin China PMI Services
Apr
-
52.2
0945
CN Caixin China PMI Composite
Apr
-
51.3
1030
HK Nikkei Hong Kong PMI
Apr
-
45.5
1100
SG Nikkei Singapore PMI
Apr
-
52.0
1620
TW Foreign Reserves USD
Apr
-
431.60bn
1630
UK Markit/CIPS UK Services PMI
Apr
-
53.7
1630
UK Markit/CIPS Composite PMI
Apr
-
53.6
2030
US Initial Jobless Claims
Apr 30
-
-
2030
US Continuing Claims
Apr 23
-
-
Page
Foreign Exchange Rates (as of 28 Apr 2016)
FX
Close
Asian High
Asian Low
Interest Rates
NY High
NY Low
Rates
Current
Next CB Meet
UOB’s Forecast
0.25-0.50%
14-15 Jun
0.25-0.50%
EUR
1.1347
1.1368
1.1272
1.1368
1.1296
USD Fed Funds Rate
GBP
1.4551
1.4618
1.4475
1.4623
1.4524
EUR Refinancing Rate
0.00%
02 Jun
0.00%
AUD
0.7619
0.7658
0.7549
0.7658
0.7576
GBP Repo Rate
0.50%
12 May
0.50%
NZD
0.6959
0.6990
0.6808
0.6990
0.6847
AUD Official Cash Rate
2.00%
03 May
2.00%
JPY
108.06
111.88
107.92
111.88
107.87
NZD Official Cash Rate
2.25%
09 Jun
2.25%
SGD
1.3448
1.3562
1.3416
1.3502
1.3416
JPY Official Cash Rate
0-0.10%
15-16 Jun
0-0.10%
MYR
3.8970
3.9188
3.8907
3.9188
3.8907
SGD 3-Mth SIBOR
1.00%
-
-
3.25%
19 May
3.25%
IDR
13190
13214
13171
-
-
MYR O/N Policy Rate
THB
35.01
35.17
34.98
-
-
IDR O/N Rate
6.75%
19 May
6.75%
PHP
46.837
46.837
46.727
-
-
THB 1-Day Repo
1.50%
11 May
1.50%
INR
66.521
66.551
66.375
-
-
PHP O/N Reverse Repo
4.00%
12 May
4.00%
TWD
32.279
32.376
32.230
-
-
INR Repo Rate
6.50%
07 Jun
6.50%
KRW
1138.10
1149.30
1138.10
-
-
TWD Discount Rate
1.50%
21 Jun
1.375%
HKD
7.7576
7.7579
7.7555
-
-
KRW Base Rate
1.50%
13 May
1.50%
CNY
6.4759
6.5026
6.4748
-
-
HKD Base Rate
0.50%
-
0.50%
CNY 1-Yr Wking Capital
4.35%
-
4.35%
Stock Indices (as of 28 Apr 2016)
Indices
Dow Jones Industrial Average
Commodities (as of 28 Apr 2016)
Closing
% chg
ytd % chg
17830.76
-1.17
+2.33
Commodities
Closing
% Chg
46.03
+1.54
S&P 500
2075.81
-0.92
+1.56
NYMEX Crude (Jun)
NASDAQ Composite
4805.29
-1.19
-4.04
Comex Gold (Jun)
1266.40
+1.28
Reuters CRB Index
183.16
+0.37
Closing
Net Chg
0.78
-4
US 10-Year Bond
1.82
-3
-0.08
-3
Tokyo Nikkei 225
16666.05
-3.61
-12.44
London FTSE 100
6322.40
+0.04
+1.28
Frankfurt DAX
10321.15
+0.21
-3.93
All Ordinaries
5289.38
+0.73
-1.03
FTSE Straits Times Index
2862.30
-0.43
-0.71
FTSE Bursa Malaysia KLCI Index
1674.76
-1.04
-1.05
Bond Yields (as of 28 Apr 2016)
Bond Yields
US 2-Year Bond
Jakarta SE Composite Index
4848.39
+0.06
+5.56
JP 10-Year JGB
Thailand SET Index
1399.91
-0.84
+8.69
EU 10-Year Bund
0.26
-3
UK 10-Year Long Gilt
1.61
-2
Philippines SE PSEi Index
7162.56
-0.25
+3.03
Taiwan SE Weighted Index
8473.87
-1.04
+1.63
Korea SE KOSPI Index
2000.93
-0.72
+2.02
Hong Kong Hang Seng Index
21388.03
+0.12
-2.40
Shanghai SE Composite Index
2945.59
-0.27
-16.77
India Sensex 30 Index
25603.10
-1.77
-1.97
UOB’s Estimation of SGD NEER (as of 29 Apr 2016)
Assuming 2.0% on each side of the pivot point
Market Holidays
Country
Date
Event
JP
Apr 29
Showa Day
SG/MY/CN/TW
May 02
Labour Day
UK
May 02
Early May Bank Holiday
JP
May 03
Constitution Memorial Day
JP
May 04
Greenery Day
May 05
Children’s Day
Lower-End ...........................................................................
1.3707
JP/SK
Upper-End ...........................................................................
1.3169
ID
May 05
Ascension Day
Mid-Point .............................................................................
1.3433
TH
May 05-06
Coronation Day
TH
May 20
Wisaha Bucha Day
UK
May 30
Spring Bank Holiday
US
May 30
Memorial Day
NZ
June 06
Queen’s Birthday
Disclaimer: This analysis is based on information available to the public. Although the information contained herein is believed to be reliable, UOB
Group makes no representation as to the accuracy or completeness. Also, opinions and predictions contained herein reflect our opinion as of date of the
analysis and are subject to change without notice. UOB Group may have positions in, and may effect transactions in, currencies and financial products
mentioned herein. Prior to entering into any proposed transaction, without reliance upon UOB Group or its affiliates, the reader should determine, the
economic risks and merits, as well as the legal, tax and accounting characterizations and consequences, of the transaction and that able to assume
these risks. This document and its contents are proprietary information and products of UOB Group and may not be reproduced or otherwise.
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