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Daily FX Focus

18 Nov 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  1.0379 / 1.0820  ⬇

EUR strengthened against the dollar on Friday as the USD ended nearly flat, however on a weekly basis the Euro looked set for second straight week of losses and hovered near its weakest level in a year. EURUSD rose 0.09% last Friday while EURHKD ended at 8.20 level. 

GBP

Support / Resistance

vs USD  1.2458 / 1.2911  ⬇

GBP ended lower against the dollar on Friday after soft UK GDP coupled with robust US Retail Sales figures boosted the USD and weighed on GBP. Additionally, the monthly UK industrial and manufacturing production both declined. GBPUSD fell 0.38% last Friday while GBPHKD ended at 9.82 level. 

AUD

vs USD  0.6371 / 0.6619  ⬇

AUD rose against the dollar on Friday as the USD ended almost flat despite betterthan-expected US Retail Sales and hawkish bets on the RBA supported AUD. While weak labor data added concerns over the Australian economy. AUDUSD rose 0.12% last Friday while AUDHKD ended at 5.03 level. 

NZD

Support / Resistance

vs USD  0.5788 / 0.5987  ⬇  

NZD rose against the dollar on Friday and remained stable following the release of mixed economic data from China. While the NZ BNZ manufacturing fell to 45.8, further contraction but new orders show signs of recovery. NZDUSD rose 0.27% last Friday while NZDHKD ended at 4.56 level.

CAD

Support / Resistance

vs USD  1.3904 / 1.4189 ⬇

CAD fell against the US dollar on Friday weakening to a 4-1/2 year low, for the week it was down 1.2%, its sixth weekly loss. Data showed Canadian factory sales fell 0.5% in Sep. Falling oil prices also weighed on CAD. USDCAD rose 0.21% last Friday while CADHKD ended at 5.52 level. 

JPY

Support / Resistance

vs USD   151.49 / 156.96  ⬇

JPY rose against the dollar on Friday, however it traded around 156 level for the first time since Jul and was set to notch a weekly loss. Focus will be on BOJ Governor Ueda's speech following a meeting with business leaders. USDJPY fell 1.26% last Friday while JPYHKD ended at 5.03 level. 

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

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Issued by HSBC Bank (China) Company Limited