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Daily FX Focus

26 Sep 2024

Important Risk Disclosure

  • Investment involves risk.  It is important to note that the capital value of investments and the income from them may go down as well as up and may become valueless and you may not get back the amountoriginally invested.
  • Past performance contained in this document is not a reliable indicator of future performance.
  • Currency conversion risk - the value of your foreign currency and RMB deposit will be subject to the risk of exchange rate fluctuation. If you choose to convert your foreign currency and RMB deposit to othercurrencies at an exchange rate that is less favourable than the exchange rate in which you made your original conversion to that foreign currency and RMB, you may suffer loss in principal.

 

Support / Resistance

EUR

Support / Resistance

vs USD  1.1018 / 1.1230  ⬆

EUR fell against the dollar yesterday as the USD rose against major peers. Concerns about the French budget deficit overshooting 6% of GDP have been weighing on the EUR. EURUSD fell 0.42% yesterday while EURHKD ended at 8.66 level. 

GBP

Support / Resistance

vs USD   1.3072 / 1.3502  ⬆

GBP fell against the dollar yesterday, dropped from a yearly high as the USD strengthens. But the outlook of the GBP remains firm as investors expect that the BoE will lower interest rates gradually. GBPUSD fell 0.66% yesterday while GBPHKD ended at 10.36 level.

AUD

vs USD  0.6659 / 0.6947   ⬆

AUD fell against the dollar yesterday, retreated from a 19-month peak after USD rose amid global economic woes and geopolitical risks, while near-term RBA rate cuts remain unlikely. AUDUSD fell 1.00% yesterday while AUDHKD ended at 5.31 level.

NZD

Support / Resistance

vs USD   0.6126 / 0.6376  ⬆  

NZD fell against the dollar yesterday and stepped back from multi-month highs after treasury yields and the USD climbed. Despite the pullback, NZD remains in a strongly bullish outlook. NZDUSD fell 1.21% yesterday while NZDHKD ended at 4.87 level. 

CAD

Support / Resistance

vs USD  1.3385 / 1.3614  ⬆

CAD fell against dollar yesterday, retreating from a 6-month high as the USD rose. China's stimulus package caused a lost of momentum and fall in oil prices also weighed on CAD. USDCAD rose 0.40% yesterday while CADHKD ended at 5.77 level. 

JPY

Support / Resistance

vs USD   141.26 / 146.54   ➡

JPY fell against the dollar yesterday as the USD rose across the board and US treasury yields rose. Focus moves to release of Bank of Japan's minutes of its monetary policy meeting. USDJPY rose 1.06% yesterday while JPYHKD ended at 5.38 level. 

Data source: Refinitiv, dated 26 Sep 2024 before 9:30 am

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