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Daily FX Focus

21 February 2025

Important Risk Disclosure

The investment decision is yours but you should not invest in this product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation and investment experience.

Investment involves risk. Loss may be incurred as well as profits made as a result of buying and selling investment products.

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 other currencies 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.

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

AUD

Support / Resistance

vs USD  0.6241 / 0.6481  ⬇

AUD ended higher against the US dollar yesterday lifted by a still-strong jobs report. RBA Governor Michele Bullock said the central bank would remain driven by incoming data and Australia might have some more rate cuts. AUDUSD rose 0.88% yesterday while AUDHKD ended at 4.97 level. 

EUR

Support / Resistance

vs USD  1.0343 / 1.0586  ⬇

EUR rose against the US dollar yesterday as focus moves from tariffs to geopolitics. Meanwhile, Eurozone consumer confidence strengthened and Germany PMI is due to be released today. EURUSD rose 0.75% yesterday while EURHKD ended at 8.16 level.

GBP

Support / Resistance

vs USD  1.2440 / 1.2785  ⬇

GBP edged up against the US dollar yesterday as traders awaited data on UK consumer spending and business activity. Confederation of British Industry said UK factories expect gentle pickup over next three months. GBPUSD rose 0.66% yesterday while GBPHKD ended at 9.85 level.

NZD

Support / Resistance

vs USD  0.5637 / 0.5829  ⬇

NZD posted sharp rise against the US dollar yesterday, reaching its highest level since Jan. Comments from the RBNZ Governor suggest that rate cuts may arrive a little sooner than the market is priced for. NZDUSD rose 1.02% yesterday while NZDHKD ended at 4.47 level. 

RMB

Support / Resistance

vs USD  7.2296 / 7.2955 ⬆

CNH strengthened against the US dollar yesterday as market sentiment improved after Trump said a new trade deal with Beijing is possible. Meanwhile, China left lending benchmark loan prime rates unchanged. USDCNH fell 0.67% yesterday while CNHHKD ended at 1.07 level.

CAD

Support / Resistance

vs USD  1.4048 / 1.4402  ⬇

CAD strengthened against the US dollar yesterday after the USD eased broadly and US treasury yields slipped. A rise in commodities and oil prices boosted CAD while markets showed reduced sensitivity to US tariff news. USDCAD fell 0.41% yesterday while CADHKD ended at 5.48 level.

JPY

Support / Resistance

vs USD  147.43 / 153.68 ⬆

JPY rose to an 11-week high against the US dollar yesterday on rising expectations of more rate hikes by the BOJ this year. Governor Ueda met PM Ishiba to discuss economy and financial markets before G7 meeting. USDJPY fell 1.21% yesterday while JPYHKD ended at 5.19 level.

CHF

Support / Resistance

vs USD  0.8912 / 0.9098  ⬇

CHF rose against the US dollar yesterday as the USD eased broadly while US treasury yields fell. Meanwhile, a government report showed American tourists helped Swiss hotel industry reach a record of overnight stays in 2024. USDCHF fell 0.74% yesterday while CHFHKD ended at 8.65 level.

SGD

Support / Resistance

vs USD  1.3225 / 1.3535  ⬇

SGD ended stronger against the US dollar yesterday as the USD eased across the board and US treasury yields retreated. Asian currencies were lifted by prospect of a new trade deal between US and China. USDSGD fell 0.70% yesterday while SGDHKD ended at 5.83 level.

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Disclaimer

This document has been prepared for information only. Information contained in this document is obtained from sources believed to be reliable; however HSBC does not guarantee its completeness or accuracy. The information contained in this document is intended for Singapore residents only and should not be construed as an offer to purchase or subscribe for any investment where such activities would be unlawful under the laws of such jurisdiction, in particular the United States of America and Canada. This material is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment or securities nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The specific investment objectives, personal situation and particular needs of any person have not been taken in consideration. You should therefore not rely on it as investment advice. Opinions and estimates expressed are subject to change without notice and HSBC expressly disclaims any and all liability for representations and warranties, express or implied, contained herein, or for omissions. All charts and graphs are from publicly available sources or proprietary data. The mention of any security should not be construed as representing a recommendation to buy or sell that security, nor does it represent a forecast on future performance of the security.

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