25 Jul 2024
Support / Resistance
vs USD 0.6491 / 0.6735 ⬇
AUD fell against the dollar yesterday despite USD weakness as AUD was undermined due to multiple headwinds. China’s weak economic prospects, sliding base metal prices, and weak Judo Bank flash PMI have weighed heavily on the AUD.AUDUSD fell 0.50% yesterday while AUDHKD ended at 5.13 level.
Support / Resistance
vs USD 1.0777 / 1.0924 ⬇
EUR ended lower against the dollar yesterday despite USD eased slightly. Eurozone’s composite PMI’s declined from 50.9 to 50.1, the services index fell from 52.8 to 51.9, while the manufacturing PMI edged down from 45.8 to 45.6. EURUSD fell 0.11% yesterday while EURHKD ended at 8.46 level.
Support / Resistance
vs USD 1.2757 / 1.3050 ⬇
GBP rose slightly against the dollar yesterday after the upbeat manufacturing PMI in the UK climbed to 51.8 in July. But BoE officials refrain from endorsing rate cuts due to high inflation in the service sector after July services PMI rose to 52.4. GBPUSD rose 0.01% yesterday while GBPHKD ended at 10.07 level.
Support / Resistance
vs USD 0.5839 / 0.6094 ⬇
NZD ended lower against the dollar yesterday despite a slight easing in the USD as the China’s dismal economic prospects and increased RBNZ rate-cut bets have weighed on the NZD. NZDUSD fell 0.47% yesterday while NZDHKD ended at 4.62 level.
Support / Resistance
vs USD 7.2480 / 7.2772 ⬆
CNH rose against the dollar yesterday amid lower US yields and gold rally helped weigh on USD but CNH to stay weak due to easing, poor economy and geopolitics. While major Chinese banks cut deposit rates after reduction in lending rates. USDCNH fell 0.31% yesterday while CNHHKD ended at 1.07 level.
Support / Resistance
vs USD 1.3656 / 1.3888 ⬇
CAD weakened against the dollar yesterday, falling to a 3-month low as Bank of Canada lowered interest rates as expected. Preliminary estimate showed Canadian factory sales fell 2.6% in Jun. CAD losses were limited by a rise in oil prices. USDCAD rose 0.19% yesterday while CADHKD ended at 5.65 level.
Support / Resistance
vs USD 150.53 / 159.51 ⬆
JPY rose against the dollar yesterday, rising to its highest in more than two months. The yen also rose to its highest since mid-May against the EUR ahead of next week's BOJ meeting where interest rates and bond purchases will be in focus. USDJPY fell 1.10% yesterday while JPYHKD ended at 5.08 level.
Support / Resistance
vs USD 0.8778 / 0.8964 ⬇
CHF strengthened against the dollar yesterday as the USD eased slightly as markets digest mixed US S&P PMIs for Jul. Investors await key indicators like PCE, Durable Goods Orders and University of Michigan sentiment index this week. USDCHF fell 0.66% yesterday while CHFHKD ended at 8.82 level.
Support / Resistance
vs USD 1.3374 / 1.3507 ⬇
SGD ended stronger against the US dollar yesterday as the USD eased slightly and yield on shorter-dated US treasuries fell. The MAS is likely to maintain monetary policy tight and it expects core inflation to reach around 2% in 2025. USDSGD fell 0.16% yesterday while SGDHKD ended at 5.81 level.
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