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Daily FX Focus

24 Jan 2025

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  1.0242 / 1.0523  ➡

EUR ended slightly stronger against the US dollar yesterday after the USD eased broadly. Focus moves to PMI figures due for both EU and the US amid mixed business activity survey results. EURUSD rose 0.06% yesterday while EURHKD ended at 8.11 level.

GBP

Support / Resistance

vs USD  1.2108 / 1.2586  ➡

GBP ended stronger against the US dollar yesterday. Finance Minister Reeves told that she will announce changes if necessary to meet her fiscal rules. Media reports she is more likely to cut spending rather than raise taxes. GBPUSD rose 0.30% yesterday while GBPHKD ended at 9.62 level. 

AUD

vs USD  0.6175 / 0.6348   ➡

AUD ended higher against the US dollar yesterday as the USD eased against most major peers after Trump's push for lower interest rate at World Economic Forum. Focus will move to Australia's Q4 CPI data due next week. AUDUSD rose 0.18% yesterday while AUDHKD ended at 4.89 level. 

NZD

Support / Resistance

vs USD  0.5579 / 0.5732  ➡  

NZD ended stronger against the US dollar yesterday as the USD softened after Trump's call for lower interest rates. However, data showed number of people leaving New Zealand hit a record level in the year to Nov 2024, highlighting current economic downturn. NZDUSD rose 0.18% yesterday while NZDHKD ended at 4.42 level.

CAD

Support / Resistance

vs USD  1.4256 / 1.4512  ➡

CAD ended slightly weaker against the US dollar yesterday as oil prices dipped. The CAD traded in a tight range as investors weighed Trump's comments at the World Economic Forum. USDCAD rose 0.03% yesterday while CADHKD ended at 5.41 level.

JPY

Support / Resistance

vs USD  154.25 / 158.36  ➡

JPY strengthened against the dollar yesterday. The Bank of Japan is widely expected to raise interest rates with wage hikes spreading to companies of all sizes and sectors, meeting a key prerequisite for raising interest rates. USDJPY fell 0.31% yesterday while JPYHKD ended at 4.99 level. 

Data source: Refinitiv, dated 24 Jan 2025 before 9:30 am

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