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Daily FX Focus

28 Jun 2024

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AUD

Support / Resistance

vs USD 0.6581 / 0.6709  ⬆

AUD fell against the dollar yesterday despite USD fell after softer US economic reports. AUD was undermined after remarks from RBA Deputy Governor Hauser who said that it would be bad mistake to set policy on one number. AUDUSD fell 0.02% yesterday while AUDHKD ended at 5.18 level.

EUR

Support / Resistance

vs USD 1.0629 / 1.0815  ⬇

EUR rose against the USD yesterday as the USD eased, however for the month it was still heading for roughly 1.4% decline weighed down by political turmoil in the Eurozone ahead of French snap elections beginning this weekend. EURUSD rose 0.22% yesterday while EURHKD ended at 8.35 level.

GBP

Support / Resistance

vs USD 1.2548 / 1.2795  ⬇

GBP rose against the dollar yesterday after US data came in mixed, leaving market sentiment to grind into the middle as investors await the US PCE Price Index release, along with fears of the upcoming general election in the UK. GBPUSD rose 0.14% yesterday while GBPHKD ended at 9.86 level.

NZD

Support / Resistance

vs USD 0.6021 / 0.6182  ➡

NZD rose against the dollar yesterday amid USD weakness as traders preferred to wait on the sidelines ahead of the release of the crucial US PCE Price Index today before placing fresh directional bets. NZDUSD rose 0.02% yesterday while NZDHKD ended at 4.74 level. 

RMB

Support / Resistance

vs USD 7.2665 / 7.3241  ⬇

CNH ended lower against the dollar yesterday after China's industrial profits rose at a sharply slower pace in May, official data showed, as weak domestic demand crimps overall growth. USDCNH rose 0.04% yesterday while CNHHKD ended at 1.06 level.

CAD

Support / Resistance

vs USD 1.3621 / 1.3787  ➡

CAD was almost unchanged, ending marginally lower against the US dollar yesterday. CAD was supported by a higher oil prices which rose by over $1 on supply disruptions as geopolitical tensions mounted in Middle East and Europe. USDCAD rose 0.01% yesterday while CADHKD ended at 5.70 level. 

JPY

Support / Resistance

vs USD 157.23 / 162.78  ⬇

JPY edged up against the USD yesterday, recovering from a 38-year low, however still hovered around 160 per dollar amid verbal intervention from authorities. JPY has fallen about 2.1% this month and 12% so far this year. USDJPY fell 0.03% yesterday while JPYHKD ended at 4.85 level.

SGD

Support / Resistance

vs USD 1.3483 / 1.3642  ⬇

SGD remained almost unchanged, ending marginally lower against the US dollar yesterday despite the USD easing against a basket of currencies and US treasuries declined slightly as US data points to moderate slowdown. USDSGD rose 0.01% yesterday while SGDHKD ended at 5.74 level. 

MYR

Support / Resistance

vs USD 4.6952 / 4.7325  ➡

USDMYR continued its consolidation mode all week trading within familiar range of around 4.70 – 4.73 levels. The USDMYR opened at around 4.72 levels yesterday and traded higher first thing in the morning but saw better USD supply into lunch. Post lunch, balanced 2-way USD flows were observed by market participants allowing the USDMYR to end the day at 4.72 opening levels. Rather mixed tone overnight with lower USD yields and stable equities, allowing the USDMYR to open at 4.72 this morning. The USDMYR is expected to trade within 4.70 – 4.73 for now. 

⬆ Consolidation, indicates that the currency's movement against USD has remained sideways

➡ Up Trend, indicates that the currency has been moving higher against the base currency

⬇ Down Trend, indicates that the currency has been moving lower against the base currency

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