Top of main content
Daily FX Focus

9 October 2024

Important Risk Warning

  • The investment decision is yours but you should not invest in this product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation and investment experience.
  • Investment involves risk. Loss may be incurred as well as profits made as a result of buying and selling investment products.
  • 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 0.6659 / 0.6886  ➡

AUD fell against the dollar yesterday as Chinese stimulus concerns weigh on market sentiment. Despite the uncertainties surrounding the Australian economy, the RBA signaled a hawkish tone in the release of its latest minutes. AUDUSD fell 0.19% yesterday while AUDHKD ended at 5.24 level.

EUR

Support / Resistance

vs USD 1.0883 / 1.1146  ⬇

EUR rose against the dollar yesterday despite USD rose broadly. A majority of ECB officials also continued to emphasize the need to reduce interest rates further due to easing inflationary pressure and poor economic growth. EURUSD rose 0.04% yesterday while EURHKD ended at 8.53 level. 

GBP

Support / Resistance

vs USD 1.2965 / 1.3339  ➡

GBP rose against the dollar yesterday. Traders are waiting for the Bank of England’s Monetary Policy Report Hearings on Thursday and UK Gross Domestic Product figures will follow on Friday. GBPUSD rose 0.16% yesterday while GBPHKD ended at 10.18 level.

NZD

Support / Resistance

vs USD 0.6030 / 0.6314  ⬇

NZD rose against the dollar yesterday. Reserve Bank of New Zealand is expected to cut the official cash rate by 50 basis points to 4.75%, amid weak economic growth and rising unemployment. NZDUSD rose 0.23% yesterday while NZDHKD ended at 4.77 level.

RMB

Support / Resistance

vs USD 6.9922 / 7.1345  ➡

CNH fell against the dollar yesterday after its return from golden week holiday. Equity market were also down with the announcement of the details in China's economic stimulus package . USDCNH rose 0.04% yesterday while CNHHKD ended at 1.09 level.

CAD

Support / Resistance

vs USD 1.3486 / 1.3741  ⬇

CAD fell against the dollar yesterday after Canada saw a steeper-than-expected contraction in trade balance figures. Besides Fed speaker continues to dominate market flows as investors look for signs of more rate cuts. USDCAD rose 0.20% yesterday while CADHKD ended at 5.69 level.

JPY

Support / Resistance

vs USD 143.52 / 151.00  ⬇

JPY fell against the dollar yesterday as investors shift their focus to the US inflation data for September. Also, a decline in Japan’s overall household spending has diminished BoJ’s rate hike bets. USDJPY rose 0.01% yesterday while JPYHKD ended at 5.24 level.

SGD

Support / Resistance

vs USD 1.2865 / 1.3138  ➡

SGD was flat against the dollar yesterday as investors await Fed minutes and US inflation data. The Monetary Authority of Singapore will deliver its Policy Statement on 14th Oct. USDSGD rose 0.00% yesterday while SGDHKD ended at 5.96 level.

MYR

Support / Resistance

vs USD 4.1568 / 4.3558  ➡

USDMYR opened relatively unchanged yesterday around 4.2800 level. The spot was broadly in consolidation phase at 4.2850 handle in the morning session. The pair briefly traded through 4.2900 few times inching closer to 4.3000, but better USD supply from interbank flows kept the upward momentum in checked. Post lunch, the pair found some support at 4.6800 with USD buying on dip from offshore funds and eventually closed the day around 4.2850, given lack of further stimulus from China. This morning, USDMYR reopened at 4.2850 and may trade in the range of 4.2750-4.3000 for today.

⬆ 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

24/7 FX services at your fingertips
Access competitive & real-time global exchange rates and make foreign currency conversions wherever you are, whenever you need to with HSBC
Book an appointment
You can now book your appointment with your preferred branch online to ask about our HSBC products and services at your local HSBC branches.

Related Insights

“Safe haven” currencies should be supported amid heightened geopolitical concerns. [7 Oct]
AUD-USD climbed higher on positive risk sentiment and a hawkish RBA…[30 Sep]
On 24 September, China unveiled an outsized easing package…[25 Sep]
As the Fed began its easing cycle with a 50bp cut, local factors may gain more traction...[25 Sep]

Disclaimer

This document is issued by HSBC Bank Malaysia Berhad (127776-V) (HSBC). The information contained herein is derived from sources we believe to be reliable, but which we have not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this document. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. Any examples given are for the purposes of illustration only. The opinions in this document constitute our present judgment, which is subject to change without notice. This document does not constitute an offer or solicitation for, or advice that you should enter into, the purchase or sale of any security, commodity or other investment product or investment agreement, or any other contract, agreement or structure whatsoever and is intended for institutional customers and is not intended for the use of private customers. The document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Unless governing law permits otherwise, you must contact a HSBC Group member in your home jurisdiction if you wish to use HSBC Group services in effecting a transaction in any investment mentioned in this document. This document, which is not for public circulation, must not be copied, transferred or the content disclosed, to any third party and is not intended for use by any person other than the intended recipient or the intended recipient's professional advisers for the purposes of advising the intended recipient hereon.

Copyright. HSBC Bank Malaysia Berhad (127776-V) 2015. ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Bank Malaysia Berhad.