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Daily FX Focus

13 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  1.0499 / 1.0842  ⬇

EUR fell against the dollar yesterday, sinking to its lowest since Nov 2023 weighed by political uncertainty in Germany, which is set to hold snap elections on Feb 23, leaving 2025 budget and other policy initiatives in limbo. EURUSD fell 0.30% yesterday while EURHKD ended at 8.26 level. 

GBP

Support / Resistance

vs USD  1.2626 / 1.2957  ⬇

GBP fell against the dollar yesterday after unemployment claims were higher than expected, while wage growth had fallen as inflation returns to normal level. GBPUSD fell 0.93% yesterday while GBPHKD ended at 9.91 level. 

AUD

vs USD  0.6466 / 0.6643  ⬇

AUD fell against the dollar yesterday bolstered by Republican election wins. Australia's employment report to be released later this week is expected to influence the RBA's December policy decision and its next steps. AUDUSD fell 0.64% yesterday while AUDHKD ended at 5.08 level.

NZD

Support / Resistance

vs USD  0.5876 / 0.6006  ⬇  

NZD fell against the dollar yesterday as concerns are mounting that Trump’s expected tariff increase on Chinese goods could pressure the NZD, given New Zealand's close trade relationship with China. NZDUSD fell 0.64% yesterday while NZDHKD ended at 4.60 level. 

CAD

Support / Resistance

vs USD  1.3847 / 1.4004  ⬇

CAD fell against the US dollar yesterday, weakening to a 2-year low as gap between US and Canadian bond yields widened on prospects of inflationary US economic policy. Low oil prices also weighed on the CAD. USDCAD rose 0.14% yesterday while CADHKD ended at 5.57 level.

JPY

Support / Resistance

vs USD   152.27 / 155.92  ⬇

JPY fell against the dollar yesterday as the USD rose high against major peers and UST yields rose. Data showed Japan PPI beats expectation in Oct, complicating BOJ rate hike timing. USDJPY rose 0.58% yesterday while JPYHKD ended at 5.03 level. 

Data source: Refinitiv, dated 13 Nov 2024 before 9:30 am

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Disclaimer

This document is not and should not be construed as an offer or the solicitation of an offer or a recommendation for the purchase or sale of any investment or subscribe for, or to participate in, any services. The information contained in this document has not been reviewed in the light of your personal financial circumstances. You should carefully consider whether any investment views and investment products are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances and make investment decisions on your own.

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Issued by HSBC Bank (China) Company Limited