United States MBA Mortgage Applications up to 0.8% in July 18 from previous -10%

Soft underlying tone is likely to lead to a lower range of 7.1635/7.1800 rather than a sustained decline. In the longer run, USD is expected to trade in a range between 7.1550 and 7.1920, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.