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Daily FX Focus

18 Dec 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.

 

EUR

Support / Resistance

vs USD  1.0418 / 1.0595  ⬇

EUR weakened against the dollar yesterday and was headed for a drop of nearly 5% this year. German business climate worsened more than expected in Dec weighed down by companies' pessimistic assessment of Europe's largest economy. EURUSD fell 0.20% yesterday.

GBP

Support / Resistance

vs USD  1.2606 / 1.2812  ➡

GBP rose against the dollar yesterday after data showed UK wage growth picked up more than expected in the three months to Oct. Separate data showed jobless rate held at 4.3%. GBPUSD rose 0.21% yesterday.

AUD

vs USD  0.6268 / 0.6465  ⬇

AUD ended weaker against the USD yesterday. A survey by Westpac showed Australian consumer sentiment took a step back in Dec as concerns about economic outlook outweighed an improvement in people's own finances. AUDUSD fell 0.53% yesterday.

NZD

Support / Resistance

vs USD  0.5690 / 0.5871  ⬇  

NZD ended weaker against the US dollar yesterday. New Zealand's Treasury on Tuesday projected a bigger budget deficit for the current year, with rising unemployment and a slower improvement to the economy. NZDUSD fell 0.48% yesterday. 

CAD

Support / Resistance

vs USD  1.4084 / 1.4429 ⬇

CAD weakened against the US dollar yesterday, touching its weakest level since Mar 2020 hurt by domestic political unrest due to an abrupt resignation by Finance Minister. Canada's annual inflation rate declined to 1.9% in Nov. USDCAD rose 0.48% yesterday.

JPY

Support / Resistance

vs USD   149.92 / 155.76  ⬇

JPY strengthened against the US dollar yesterday on rising expectations of a BOJ tightening in Q1 2025, bolstered by Japan's parliament passing a 13.9 trillion yen ($90 billion) supplementary budget for the current fiscal year. USDJPY fell 0.45% yesterday. 

Data source: Refinitiv, dated 18 Dec 2024 before 9:30 am

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