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Daily FX Focus

24 December 2024

Important Risk Warning

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  • Currency conversion risk - the value of your foreign currency and MYR deposit will be subject to the risk of exchange rate fluctuation. If you choose to convert your foreign currency and MYR deposit to other currencies at an exchange rate that is less favourable than the exchange rate in which you made your original conversion to that foreign currency and MYR, you may suffer loss in principal.

AUD

Support / Resistance

vs USD 0.6136 / 0.6425  ⬇

AUD ended slightly weaker against the USD yesterday as the USD strengthened across the board. Focus moves to minutes of the RBA meeting releasing today. AUDUSD fell 0.03% yesterday while AUDHKD ended at 4.85 level.

EUR

Support / Resistance

vs USD 1.0289 / 1.0576  ⬇

EUR ended weaker against the dollar yesterday and hovered near late Nov 2-year lows. Markets currently price in 115 bps in rate cuts from the ECB by Oct next year. EURUSD fell 0.24% yesterday while EURHKD ended at 8.08 level.

GBP

Support / Resistance

vs USD 1.2404 / 1.2739  ⬇

GBP ended weaker against the USD yesterday after British business confidence fell lower in Dec 2024. GDP figures also showed that British economy flat-lined in third quarter of the year. GBPUSD fell 0.27% yesterday while GBPHKD ended at 9.74 level.

NZD

Support / Resistance

vs USD 0.5542 / 0.5823  ⬇

NZD ended slightly weaker against the US dollar yesterday as the USD strengthened broadly. The Kiwi dollar has been under pressure after recent data showed New Zealand GDP YoY fell 1.5%. NZDUSD fell 0.05% yesterday while NZDHKD ended at 4.38 level.

RMB

Support / Resistance

vs USD 7.2572 / 7.3420  ⬇

CNH ended weaker against the dollar yesterday and hovered near a 13-month low and the psychologically important 7.3 per dollar level. Widening yield differential between the US and China continued to exert pressure on the yuan. USDCNH rose 0.20% yesterday while CNHHKD ended at 1.06 level.

CAD

Support / Resistance

vs USD 1.4099 / 1.4555  ⬇

CAD marginally weakened against the dollar yesterday after data showed Canada's economy exceeded market expectations with 0.3% growth in Oct. CAD gains were also limited by a fall in oil prices. USDCAD rose 0.08% yesterday while CADHKD ended at 5.40 level.

JPY

Support / Resistance

vs USD 151.72 / 160.28  ⬇

JPY ended weaker against the US dollar yesterday and hovered around 157 per dollar, raising possibility of intervention by authorities after the BoJ left rates unchanged. USDJPY rose 0.55% yesterday while JPYHKD ended at 4.94 level.

SGD

Support / Resistance

vs USD 1.3410 / 1.3687  ⬇

SGD ended weaker against the US dollar yesterday as the USD strengthened against a basket of currencies and US treasury yields climbed. Data showed core inflation in Singapore in Nov rose 1.9%, fell 0.2% compared to last release. USDSGD rose 0.11% yesterday while SGDHKD ended at 5.72 level.

MYR

Support / Resistance

vs USD 4.4302 / 4.5327  ⬇

USDMYR started off the week lower yesterday along with broadly lower US yield. The pair was lifted higher to 4.50 levels in the morning session with the strong USD demand however met with selling interest from the custodians which saw the pair tumble lower through 4.48. USDMYR eventually stabilized in the noon session and closed the day around 4.49 levels. This morning, USD rally with higher US Treasuries which reached a nearly seven-month high. USDMYR opened at 4.49 levels today and we expect the pair to be supported ahead of 4.48 as markets traded cautiously overall on the outset of the festive seasons.

⬆ 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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