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Daily FX Focus

15 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  0.6667 / 0.6848    ⬇

AUD rose against the dollar on Friday, finished the week at highs since Jan as markets bet on a dovish Fed amid soft US CPI figures. The RBA is poised to be among the last G10 nations' central banks to initiate rate cuts underpinning AUD. AUDUSD rose 0.36% last Friday while AUDHKD ended at 5.28 level.

EUR

Support / Resistance

vs USD   1.0743 / 1.0990   ⬇

EUR strengthened against the USD on Friday, rising to a one-month high as the USD eased broadly allowing EUR to erase last month's fall. USD fell after soft US consumer prices while US producer prices increased moderately in Jun. EURUSD rose 0.38% last Friday while EURHKD ended at 8.50 level.

GBP

Support / Resistance

vs USD   1.2737 / 1.3120    ⬇

GBP rose against the dollar on Friday, rose to 12-month high amid USD weakness and as markets pile into rate cut hopes. While markets await the UK Inflation rate due on July 17 ahead of the labour market report on July 18. GBPUSD rose 0.64% last Friday while GBPHKD ended at 10.13 level.

NZD

Support / Resistance

vs USD   0.6052 / 0.6174   ⬇

NZD rose against the dollar on Friday as USD fell amid downbeat US data improving prospects for Fed rate cuts. While the gains were limited due to poor Business NZ PMI data for June which came in at 41.1 boosting RBNZ’s rate-cut hopes. NZDUSD rose 0.39% last Friday while NZDHKD ended at 4.77 level.

RMB

Support / Resistance

vs USD   7.2401 / 7.2680   ⬆

CNH fell against the dollar on Friday despite both USD and US treasury yields slid. Stronger-than-expected exports China's exports underpinned CNH but falling imports points to more stimulus. While China Q2 GDP, retail and industrial data due today. USDCNH rose 0.06% last Friday while CNHHKD ended at 1.07 level.

CAD

Support / Resistance

vs USD   1.3560 / 1.3729   ⬇

CAD was almost unchanged, ending marginally higher against the dollar on Friday. CAD gains were capped by a fall in oil prices. Statistics Canada data showed value of building permits in Canada fell in May by 12.2%. USDCAD fell 0.01% last Friday while CADHKD ended at 5.72 level. 

JPY

Support / Resistance

vs USD   156.18 / 160.80   ⬆

JPY strengthened against the dollar on Friday, rising to a four-week high sparking speculations of an intervention by Japanese authorities. BOJ data suggested Japan's Ministry of Finance may have spent up to 3.57 trillion yen. USDJPY fell 0.57% last Friday while JPYHKD ended at 4.93 level.

CHF

Support / Resistance

vs USD   0.8884 / 0.9023   ⬇

CHF strengthened against the dollar on Friday as the USD eased against a basket of currencies on softer CPI and a moderate increase in US PPI data. As per UBS, SNB is likely near the end of its easing cycle. USDCHF fell 0.26% last Friday while CHFHKD ended at 8.72 level.

SGD

Support / Resistance

vs USD   1.3339 / 1.3536   ⬇

SGD strengthened against the US dollar on Friday as the USD eased broadly and US treasury yields retreated. The Monetary Authority of Singapore left its monetary policy unchanged as widely expected USDSGD fell 0.12% last Friday while SGDHKD ended at 5.81 level.

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Disclaimer

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