2 August 2024
Support / Resistance
vs USD 0.6414 / 0.6730 ⬇
AUD ended lower against the dollar yesterday after mixed Australian CPI figures and as traders await upcoming NFP data. Also, the Chinese economic woes and cooling rate hike bets on the RBA also pressured AUD. AUDUSD fell 0.64% yesterday while AUDHKD ended at 5.07 level.
Support / Resistance
vs USD 1.0759 / 1.0909 ⬇
EUR weakened against the dollar yesterday, touching a three-week low as market sentiment weakened on concerns of geopolitical tensions escalating and weakening economic growth globally while the USD strengthened broadly. EURUSD fell 0.31% yesterday while EURHKD ended at 8.43 level.
Support / Resistance
vs USD 1.2747 / 1.2984 ⬇
GBP fell against the dollar yesterday and posted a fresh three-week low after US data sparked fresh fears of a recession that mixed poorly with easing GBP after the BoE delivered a broadly-expected quarter-point rate trim. GBPUSD fell 0.91% yesterday while GBPHKD ended at 9.95 level.
Support / Resistance
vs USD 0.5796 / 0.6073 ⬇
NZD fell against the dollar yesterday after USD strengthened and due to increased risk-off mood. The NZD struggles after downbeat Chinese data and after the latest inflation data raises expectations of an RBNZ’s rate cut by October. NZDUSD fell 0.03% yesterday while NZDHKD ended at 4.64 level.
Support / Resistance
vs USD 7.1989 / 7.2930 ⬆
CNH fell against the dollar yesterday after USD rose broadly despite US Treasury yield dropped. CNH was undermined amid downbeat China July Caixin manufacturing PMI data which fueled concerns economic growth slowing. USDCNH rose 0.31% yesterday while CNHHKD ended at 1.07 level.
Support / Resistance
vs USD 1.3670 / 1.3946 ⬇
CAD weakened against the dollar yesterday, falling to a nine-month after data showed Canadian factory PMI fell to seven-month low in Jul. A fall in oil prices and a weak investor sentiment also weighed on CAD. USDCAD rose 0.47% yesterday while CADHKD ended at 5.63 level.
Support / Resistance
vs USD 149.02 / 159.14 ⬆
JPY continued to remain strong against the dollar yesterday despite the USD gaining against a basket of currencies as overall market sentiment soured due to escalating geopolitical tension which benefited safe-haven currencies. USDJPY fell 0.41% yesterday while JPYHKD ended at 5.23 level.
Support / Resistance
vs USD 1.3375 / 1.3483 ⬆
SGD ended slightly weaker against the US dollar yesterday as the USD strengthened, however US treasury yields continued to fall with 2-yr and 10-yr yields falling to six-month lows while 20-yr to 30- yr yields dropping to five month lows. USDSGD rose 0.07% yesterday while SGDHKD ended at 5.84 level.
Support / Resistance
vs USD 4.5860 / 4.6788 ⬆
USDMYR opened the day in a bid tone yesterday and quickly traded up above 4.64 levels within the first hour of trade as the US dollar turned bid against a basket of currencies on the previous night, but failed to sustain its strength. The USDMYR continue to trade lower post lunch, causing the currency pair closed slightly above the YTD low at around mid-4.62levels. This morning, USDMYR opened lower marginally below 4.62 levels despite US Jolts came in better than expected as BoJ headlines led to the USD gains reversed. The currency pair is likely to trade with support above 4.60 handles for now while market will remain focus on the Fed.
⬆ 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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