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Daily FX Focus

21 November 2024

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AUD

Support / Resistance

vs USD 0.6402 / 0.6649  ⬇

AUD ended lower against a firmer US dollar yesterday. Minutes of RBA last meeting showed it was still vigilant to upside inflation risks. Markets see only a 37% chance of a rate cut in Feb and a 58% chance in Apr. AUDUSD fell 0.40% yesterday while AUDHKD ended at 5.06 level.

EUR

Support / Resistance

vs USD 1.0382 / 1.0822  ⬇

EUR ended weaker against the dollar yesterday after touching a 5-session high as the USD strengthened against a basket of currencies amid escalating geopolitical tensions while investors focused on Fed's and ECB's policy paths. EURUSD fell 0.49% yesterday while EURHKD ended at 8.20 level.

GBP

Support / Resistance

vs USD 1.2483 / 1.2934  ⬇

GBP ended weaker against a broadly stronger US dollar yesterday. The sterling weakened after data showed UK consumer inflation in Oct accelerated, supporting the view that BoE will lower rates gradually in the coming months. GBPUSD fell 0.24% yesterday while GBPHKD ended at 9.84 level.

NZD

Support / Resistance

vs USD 0.5796 / 0.5998  ⬇

NZD ended lower against the US dollar yesterday on broad USD strengthening. Focus will be on RBNZ's meeting next week where it is widely expected to cut current rate of 4.75% by 50 bps. NZDUSD fell 0.59% yesterday while NZDHKD ended at 4.57 level.

RMB

Support / Resistance

vs USD 7.1365 / 7.3161  ⬇

CNH ended lower against the US dollar yesterday as USD strengthened broadly. The PBOC set the midpoint rate around which the yuan is allowed to trade in a 2% band, at 7.1935 per dollar, 451 pips firmer than a Reuters' estimate. USDCNH rose 0.20% yesterday while CNHHKD ended at 1.07 level.

CAD

Support / Resistance

vs USD 1.3829 / 1.4113  ⬇

CAD weakened against the US dollar yesterday, pulling back from a one-week high as the USD strengthened across the board. A fall in oil prices due to strong US supplies also weighed on CAD. USDCAD rose 0.14% yesterday while CADHKD ended at 5.56 level.

JPY

Support / Resistance

vs USD 152.24 / 157.69  ⬇

JPY fell against the dollar yesterday as the broad USD strengthened and US treasury yields rose. The yen has fallen as much as 9% since the beginning of Oct, fell below 156 last week sparking possibility of intervention. USDJPY rose 0.50% yesterday while JPYHKD ended at 5.01 level.

SGD

Support / Resistance

vs USD 1.3212 / 1.3568  ⬇

SGD ended lower against the US dollar yesterday as the USD rose against major peers and US treasury yields rose. Investors are focusing on clarity over Trump's policies and next round of jobs and inflation data. USDSGD rose 0.37% yesterday while SGDHKD ended at 5.79 level.

MYR

Support / Resistance

vs USD 4.3761 / 4.5289  ⬇

Yesterday, the USDMYR opened around 4.46 levels and then continued its consolidation mode around 4.47 levels throughout the day as balanced 2 way USD interests were observed from market participants. Dips remained supported with USD supply on rally, keeping any upward momentum in check. Quiet overnight with broad USD remain supported as investors look for more insight on the Federal Reserve’s interest rate plans and US President-elect Donald Trump proposed policies. This morning, the USDMYR opened at 4.70 levels and is expected to trade in familiar range 4.46 – 4.49 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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Related Insights

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