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Singapore Dollar: Range-bound upside bias holds against US Dollar – UOB
UOB strategists Quek Ser Leang and Lee Sue Ann note that USD/SGD slipped overnight as Asian currencies stayed resilient and the SGD NEER held well above its mid-point. Their short-term view sees the pair confined to a tight intraday range, while the 1–3 week outlook still favours mild Dollar weakness toward key support levels unless resistance is broken.
Fxstreet
Wed, Oct 21
Indonesian Rupiah: BI on hold as MSCI risk weighs – BBH
Elias Haddad at Brown Brothers Harriman reports that Bank Indonesia left its policy rate unchanged at 5.75% for a fourth meeting, even as IDR weakened slightly following MSCI’s downgrade consultation. BI expects the current account deficit to widen by 2026, increasing external funding needs, though ample FX reserves are seen as cushioning further Indonesian Rupiah weakness.Fxstreet
Wed, Oct 21
Asia FX: Risk-off bias and safe havens – MUFG
MUFG’s Michael Wan notes stabilising global risk sentiment but highlights growing concerns over sustainability of the AI trade and its spillover to FX markets. He expects 2027 to be more challenging for risk assets, with Asia’s export growth rolling off. The bank currently prefers Asia Tech FX such as KRW, TWD and CNY, while favouring long positions in Dollar, JPY and CNH versus higher beta currencies.Fxstreet
Wed, Oct 21
United Kingdom: Inflation shaped by energy shock – ING
James Smith at ING highlights that UK inflation pressures remain concentrated in energy, with food and services inflation surprisingly subdued. Headline inflation printed 3.5% in September and is expected to peak near 4% in winter, but measures of energy-intensive and core services inflation show little sign of broadening second-round effects from the Iran War-related energy shock.Fxstreet
Wed, Oct 21
United States: Pre-election tail risks – Danske Bank
Danske Bank’s Danske Research Team outlines US political tail risks ahead of the 3 November midterm elections. Early voting is underway in over 40 states and prediction markets still favor Democrats retaining control of both chambers.Fxstreet
Wed, Oct 21
United Kingdom: Budget faces limited fiscal flexibility - Nomura
Nomura’s UK budget preview expects Chancellor Healey, at his first budget on 28 October, to allow fiscal headroom to fall to around £15bn. Following September public finance data, the cash deficit is no longer surprising to the upside.Fxstreet
Wed, Oct 21
Bank of England: Rate path shaped by energy shock – ING
ING’s James Smith expects the Bank of England (BoE) to raise interest rates in November and February as a precaution against second-round inflation effects, even as evidence of broader spillovers from higher energy prices remains limited.Fxstreet
Wed, Oct 21
United Kingdom: Tax rises and temporary relief – Deutsche Bank
Deutsche Bank anticipates around 25–30 policy measures in the Autumn Budget, with modest consolidation and backloaded tax increases. A higher bank surcharge, online marketplace VAT collection and dividend tax hikes are expected to lift receipts by about GBP 4bn by 2031/32. Temporary cost of living and business support will front-load spending, keeping net expenditure only slightly higher than Spring projections.Fxstreet
Wed, Oct 21
Hungarian Forint: Domestic improvement versus global headwinds – ING
ING’s Frantisek Taborsky reports Hungary’s new fiscal path projects the deficit falling to 2.8% by 2030, aligned with Euro adoption plans, while the National Bank of Hungary keeps rates at 5.50% and stresses caution amid global uncertainties. EUR/HUF trades in a tight 362–364 range, with positioning corrections and future direction seen hinging on global developments and energy prices.Fxstreet
Wed, Oct 21
Romanian Leu: Budget credibility key to stability - Societe Generale
Societe Generale notes EUR/RON trading below 5.35 and 10-year RONGB yields under 7% after parliament approved the Niculescu government, ending a political deadlock. The bank highlights fragile political stability and a commitment to reduce the deficit below 3% by 2030.Fxstreet
Wed, Oct 21
British Pound: BoE hike prospects underpin resilience – MUFG
Lee Hardman at MUFG expects the BoE to start its hiking cycle in November, with stronger UK activity and employment data and firmer inflation supporting this view. Headline CPI rose to 3.5% in September, and MUFG anticipates inflation above 4.0% next year after the energy price cap reset. These developments are seen as favourable for further Pound strength near term.
Fxstreet
Wed, Oct 21
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