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Daily FX Focus

12 Jul 2024

Important Risk Disclosure

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  • RMB is currently not freely convertible and subject to regulatory restrictions (which might be changed from time to time).

AUD

Support / Resistance

vs USD  0.6651 / 0.6832   ⬇

AUD rose against the dollar yesterday as the USD fell after the US inflation cools further in June fueling dovish bets on the Fed. High inflation within Australia is prompting the RBA to postpone rate cuts underpinning AUD. AUDUSD rose 0.18% yesterday while AUDHKD ended at 5.27 level. 

EUR

Support / Resistance

vs USD   1.0720 / 1.0955   ⬇

EUR strengthened against the dollar yesterday, rising to one month high as the USD fell after data showed consumer price index dipped 0.1% in Jun against expectations. Attention now turns to US Jun PPI and retail sales data. EURUSD rose 0.32% yesterday while EURHKD ended at 8.48 level.

GBP

Support / Resistance

vs USD   1.2697 / 1.3034    ⬇

GBP rose against the dollar yesterday on soft US Inflation and after the UK economy expanded at a faster pace of 0.4% in May, beating estimate of 0.2%. Also the maintenance of a hawkish stance by BoE policymakers supported GBP. GBPUSD rose 0.50% yesterday while GBPHKD ended at 10.08 level.

NZD

Support / Resistance

vs USD   0.6036 / 0.6158   ⬇

NZD rose against the dollar yesterday as USD fell broadly after the softer-than-expected June US CPI inflation report. However the NZD may limit its upside due to dovish sentiment surrounding the RBNZ. NZDUSD rose 0.20% yesterday while NZDHKD ended at 4.75 level

RMB

Support / Resistance

vs USD   7.2458 / 7.2728   ⬆

CNH rose against the dollar yesterday as the USD struggled for direction after soft inflation data and after US Fed indicated it is getting closer to rate cut. While China's exports data due later today may help provide further cues. USDCNH fell 0.33% yesterday while CNHHKD ended at 1.07 level. 

CAD

Support / Resistance

vs USD   1.3560 / 1.3729   ⬇

CAD fell against the dollar yesterday despite the USD easing after softer-than-expected core inflation data for Jun. Canadian government 10-yr bond yields fell 5.4 bps tracking UST yields. CAD losses were limited by a rise in oil prices. USDCAD rose 0.10% yesterday while CADHKD ended at 5.72 level.

JPY

Support / Resistance

vs USD   156.81 / 161.39   ⬆

JPY rose against the dollar yesterday, at one point gaining by nearly 3%, its biggest daily rise since late 2022 amid speculations of intervention. While the USD fell after data showed headline consumer prices fell unexpectedly in Jun. USDJPY fell 1.78% yesterday while JPYHKD ended at 4.91 level.

CHF

Support / Resistance

vs USD   0.8899 / 0.9038   ⬇

CHF strengthened against the dollar yesterday as the USD eased against a basket of currencies after data showed US CPI unexpectedly fell in Jun while posting an annual gain of 3%, the smallest in a year. USDCHF fell 0.34% yesterday while CHFHKD ended at 8.70 level. 

SGD

Support / Resistance

vs USD   1.3356 / 1.3544   ⬇

SGD strengthened against the US dollar yesterday as the USD and US Treasury yields fell after a softer-than-expected US inflation data. Meanwhile, preliminary data showed Singapore's Q2 GDP grew by 2.9% y-o-y. USDSGD fell 0.46% yesterday while SGDHKD ended at 5.81 level.

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Disclaimer

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