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Daily FX Focus

27 January 2025

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 0.6186 / 0.6386  ➡

AUD strengthened against the US dollar on Friday, rising to a five-week high and ended with weekly gain of 1.9% on Trump's seemingly softer tone on China, Australia's biggest export market. The RBA is expected to cut its rate by a quarter point. AUDUSD rose 0.46% last Friday while AUDHKD ended at 4.90 level.

EUR

Support / Resistance

vs USD 1.0276 / 1.0619   ⬆

EUR strengthened against the US dollar on Friday and ended the week 2.18% higher, its best week since Jul 2023. PMIs showed Eurozone business began the new year with a modest return to growth and stable services activity in Jan. EURUSD rose 0.79% last Friday while EURHKD ended at 8.16 level.

GBP

Support / Resistance

vs USD 1.2197 / 1.2673  ➡

GBP ended stronger against the US dollar on Friday, rising by over 1% for the day and 2.58% for the week after three straight weeks of losses. Data showed tepid growth across British businesses picked up slightly at the start of 2025. GBPUSD rose 1.06% last Friday while GBPHKD ended at 9.71 level.

NZD

Support / Resistance

vs USD 0.5593 / 0.5774  ➡

NZD ended stronger against the US dollar on Friday, rising to a five-week high and gaining 2.2% for the week on Trump's friendly talk with China. Markets wagered on a half-point cut in RBNZ's 4.25% cash rate. NZDUSD rose 0.60% last Friday while NZDHKD ended at 4.44 level.

RMB

Support / Resistance

vs USD 7.1977 / 7.3277  ⬆

CNH ended higher against the US dollar on Friday, rising to its strongest level in a month and a half, all set for its biggest weekly performance since Jul after Trump's suggestion that tariffs on China might be avoided. USDCNH fell 0.60% last Friday while CNHHKD ended at 1.07 level.

CAD

Support / Resistance

vs USD 1.4229 / 1.4484  ➡

CAD ended stronger against the US dollar on Friday and for the week its rose by 0.9% after recovering from a near five-year low it hit on Thursday. Canadian factory sales rose 0.6% in Dec. USDCAD fell 0.29% last Friday while CADHKD ended at 5.42 level.

JPY

Support / Resistance

vs USD 154.23 / 158.32  ➡

JPY ended slightly stronger against the dollar on Friday in choppy trading after the Bank of Japan raised interest rates to their highest since the 2008 global financial crisis and revised its interest forecasts up. USDJPY fell 0.03% last Friday while JPYHKD ended at 5.00 level.

SGD

Support / Resistance

vs USD 1.3354 / 1.3661  ⬆

SGD strengthened against the US dollar on Friday as the USD eased broadly. Meanwhile, the MAS eased its monetary policy stance for the first time since 2020 and it expects core inflation in 2025 to be lower than earlier projected. USDSGD fell 0.65% last Friday while SGDHKD ended at 5.78 level.

MYR

Support / Resistance

vs USD 4.3214 / 4.4772  ⬆

Last week, the week started with US Holiday/ US President’s inauguration day, where USDMYR opened at 4.5 levels. Market opened the next day with market looking at policies implemented by the new US President but tariffs on China, Canada and Mexico were not one of them, sending the USDMYR tumbling down to around 4.45 levels by mid- week. In afternoon session, USDMYR remained gappy, with USD selling tone continued to dominate the flows. The USDMYR traded towards 4.36 before closing at 4.37 levels. Locally, BNM maintained its OPR rate at 3% as widely expected by market. USDMYR opened at 4.38 this morning and is expected to trade within 4.37 – 4.41 range 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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