CYS INSIGHTS

A Report by CYS Global Remit Counterparty Sales & Alliance Unit  USD/SGD   1.2838– 1.2840   The U.S. dollar is coming under sustained and increasingly broad-based pressure as systematic investors accelerate selling in response to weakening price trends, declining yield support, and a shifting global monetary policy landscape. According to Bank of America’s latest Systematic Flows Monitor , trend-following strategies — particularly commodity trading advisors (CTAs) — have cont

A Report by CYS Global Remit Counterparty Sales & Alliance Unit   CNY/SGD   5.25 – 5.35   Goldman Sachs has elevated the Chinese Yuan to one of its highest-conviction foreign exchange calls for 2026, arguing that the currency’s current pricing materially understates its long-term fair value. In a note released Tuesday, analyst Teresa Alves presents a valuation-driven thesis that positions the Yuan as structurally undervalued, with appreciation potential well beyond what is cu

A Report by CYS Global Remit Counterparty Sales & Alliance Unit EUR/SGD   1.5100– 1.5200   The Euro has emerged as one of the standout performers in the currency complex this year, with EUR/USD on track for annual gains exceeding 12%. While the rally has lost some momentum in recent months, Bank of America Securities remains constructive on the single currency into 2026, arguing that the balance of risks is increasingly skewed toward further appreciation rather than reversal.

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD   1.2875 – 1.2975   Federal Reserve’s Policy Shift: A Hawkish Cut with Divergent Market Interpretations Global currency markets traded cautiously following the Federal Reserve’s widely anticipated 25-basis-point rate cut, the third adjustment in its current easing cycle. While the mechanical reduction in the federal funds target range to 3.50–3.75 percent aligned with consensus expectations, the underlyin

A Report by CYS Global Remit Counterparty Sales & Alliance Unit  USD/SGD   1.2925 – 1.2975   Seasonal Export Dynamics and Bank of America’s USD/CNY Forecast  Bank of America’s decision to maintain its year-end USD/CNY forecast at 7.10, despite December historically being China’s strongest export month, reflects a cautious reassessment of how seasonal dollar inflows translates into yuan appreciation. In theory, stronger exports should generate a surge in U.S. dollar receipts f

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD   1.2940 – 1.2980   Asian currency markets spent the week oscillating within tight ranges, as traders balanced rising expectations of a U.S. rate cut against shifting monetary signals from Japan, Australia, and New Zealand. While the U.S. dollar weakened earlier in the week on benign U.S. data, the momentum stalled by mid-week, leaving most regional currencies little changed. At the same time, a surprisin

A Report by CYS Global Remit Counterparty Sales & Alliance Unit   GBP/SGD   1.7050 – 1.7150   A Currency Held in Stasis Amid Fiscal Anxiety  The British pound is trading in an unusually compressed range as markets count down to the U.K.’s November 26 Budget, a fiscal event that has taken on outsized significance following the turmoil of 2022. While sterling remains under pressure, analysts from Bank of America (BofA) and ING note that the currency has also displayed a surpris

A Report by CYS Global Remit Counterparty Sales & Alliance Unit   USD/SGD   1.3000 – 1.3050   Inflation and Rate Expectations Remain Key Drivers Amid Market Rebound Global equity markets received a much-needed lift this week as optimism grew that the United States government shutdown—now the longest in history at 40 days—may finally be nearing an end. Reports of a bipartisan agreement in the Senate to fund government operations through January triggered a wave of relief acros

A Report by CYS Global Remit Counterparty Sales & Alliance Unit JPY/USD   152.50 – 153.50   The Yen’s Slide and the Prospect of Intervention  The Japanese yen has entered a renewed phase of weakness, with the USD/JPY pair climbing nearly 5% over the past month to levels unseen since January. After months of relative summer stability, the move has reignited market speculation over potential intervention by Japan’s Ministry of Finance (MoF). According to Goldman Sachs, while ve

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD   1.2975 – 1.3025   Fed Division Exposes Uncertainty in U.S. Monetary Outlook  The U.S. dollar extended its mid-week gains into Friday (Oct 31), after the Federal Reserve’s widely expected rate cut on Wednesday triggered a surprisingly hawkish market response. While the cut was largely priced in, the tone struck by Fed Chair Jerome Powell—combined with visible dissent within the Federal Open Market Commit

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD   1.2950 – 1.3015   Yen’s Decline Reflects Market Scepticism on Japan’s Fiscal and Monetary Outlook  Asian currencies remained largely rangebound through midweek trading, as investors weighed the implications of Japan’s political transition and the prospect of renewed trade friction between the world’s two largest economies. The Japanese yen has been at the centre of recent volatility, reflecting both pol

A Report by CYS Global Remit Counterparty Sales & Alliance Unit  USD/SGD   1.2924 – 1.2932   Mixed Sentiment Across Asia Amid Policy Shifts and Trade Risks   Asian currencies strengthened broadly on Thursday, buoyed by growing market conviction that the U.S. Federal Reserve will cut interest rates in October. The prospect of a policy pivot, hinted at by Chair Jerome Powell’s recent dovish remarks, pushed the dollar lower and spurred demand for regional assets. However, gains

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD   1.2894 – 1.2902   The U.S. dollar held its ground on Thursday,...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit    USD/SGD   1.2800 – 1.2850   Short-Term Growth Resilience Masks...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit Global currency markets remained volatile on Thursday, as the U.S. dollar...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit Asian Currencies Steady as Dollar Weakens Ahead of Fed Rate Cut Decision ...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit U.S. Dollar Resilient Despite Fed Independence Questions  The U.S. dollar...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit U.S. Dollar Resilient Despite Fed Independence Questions  The U.S. dollar...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit Euro: Constructive but Capped—Why BofA and UBS See Upside with Limits ...

A Report by CYS Global Remit Counterparty Sales & Alliance Unit Market Cautious Ahead of Key U.S. Data The U.S. dollar held near...