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Daily FX Focus

30 Oct 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  0.6482 / 0.6698  ⬇

AUD fell against the dollar yesterday and dropped to its lowest level since Aug 8 undermined by rising US yields. Meanwhile, expectations that consumer inflation in Australia due today fuel speculations about an interest rate cut by the RBA. AUDUSD fell 0.33% yesterday while AUDHKD ended at 5.09 level. 

EUR

Support / Resistance

vs USD  1.0734 / 1.0928  ⬇

EUR ended stronger against the dollar yesterday. Focus moves to Eurozone and German GDP and Germany inflation data. Investors expect the ECB to cut rates aggressively with traders are split on the quantum of cut. EURUSD rose 0.06% yesterday while EURHKD ended at 8.40 level. 

GBP

Support / Resistance

vs USD   1.2912 / 1.3110  ⬇

GBP rose against the dollar yesterday after soft US job vacancy data and ahead of first budget announcement by a Labor government in over 15 yrs. UK Chancellor is expected to announce massive funding for the health service sector. GBPUSD rose 0.33% yesterday while GBPHKD ended at 10.11 level.

NZD

Support / Resistance

vs USD   0.5909 / 0.6077  ⬇

NZD ended lower against the dollar yesterday. RBNZ is widely expected to deliver another 50-bp rate cut in November. While traders await the release of US Q3 GDP figures and October's NFP report. NZDUSD fell 0.13% yesterday while NZDHKD ended at 4.63 level.

RMB

Support / Resistance

vs USD  7.0804 / 7.1613  ⬆

CNH rose against the dollar yesterday after US job openings drop. But upside is limited as bets of a possible return of Trump and as markets await more details of stimulus steps from NPC meeting. USDCNH fell 0.03% yesterday while CNHHKD ended at 1.08 level.

CAD

Support / Resistance

vs USD  1.3763 / 1.3997  ⬇

CAD fell against dollar yesterday, weakening to a 12-week low, weighed down by falling oil prices and concerns about domestic political uncertainty. The leader of an opposition party said he was working to topple PM Justin Trudeau. USDCAD rose 0.18% yesterday while CADHKD ended at 5.58 level.

JPY

Support / Resistance

vs USD  149.84 / 155.37  ⬆

JPY ended slightly weaker against the dollar yesterday. Focus moves to Bank of Japan's monetary policy decision tomorrow where they are widely expected to leave rates unchanged and no hikes could happen by year-end. USDJPY rose 0.05% yesterday while JPYHKD ended at 5.06 level. 

CHF

Support / Resistance

vs USD  0.8585 / 0.8727   ⬇

CHF ended lower against the dollar yesterday despite USD remaining largely flat. CHF faced challenges due to rising expectations for another interest rate cut by the Swiss National Bank at its upcoming December meeting. USDCHF rose 0.22% yesterday while CHFHKD ended at 8.95 level.

SGD

Support / Resistance

vs USD   1.3093 / 1.3322  ⬇

SGD ended weaker against the US dollar yesterday despite the USD remaining nearly flat while US benchmark 10 year treasury yields dipped after hitting four-month high. USDSGD rose 0.11% yesterday while SGDHKD ended at 5.86 level. 

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