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Daily FX Focus

6 Dec 2024

Important Risk Disclosure

  • Investment involves risk.  It is important to note that the capital value of investments and the income from them may go down as well as up and may become valueless and you may not get back the amountoriginally invested.
  • Past performance contained in this document is not a reliable indicator of future performance.
  • 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 othercurrencies 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.

 

EUR

Support / Resistance

vs USD  1.0410 / 1.0686  ➡

EUR strengthened against the dollar yesterday, however it was on track to post a weekly loss, the fourth in the last 5 weeks. French government bonds stabilized a day after collapse of the French government. EURUSD rose 0.71% yesterday.

GBP

Support / Resistance

vs USD  1.2571 / 1.2857  ➡

GBP strengthened against the dollar yesterday, rising for a third consecutive session. UK PMI data showed UK commercial construction activity picked up in Nov, offsetting contraction in residential house-building. GBPUSD rose 0.46% yesterday.

AUD

vs USD  0.6382 / 0.6534  ⬇

AUD ended stronger against the US dollar yesterday, however still hovered near 4- month lows. The RBA meeting next week and is widely expected to hold rates considering sticky core inflation. The RBA may commence a gradual easing cycle in Feb. AUDUSD rose 0.36% yesterday. 

NZD

Support / Resistance

vs USD  0.5810 / 0.5944  ➡  

NZD ended stronger against the US dollar yesterday as the USD eased broadly after higher than expected jobless claims. Focus moves to US non-farm payrolls report for further insights on Fed's rate cut stance. NZDUSD rose 0.60% yesterday. 

CAD

Support / Resistance

vs USD  1.3906 / 1.4158 ⬇

CAD strengthened against the US dollar yesterday after domestic data showed Canada's trade deficit narrowed to C$924 million ($657.6 m) in Oct. CAD gains were limited by a fall in oil prices. USDCAD fell 0.36% yesterday.

JPY

Support / Resistance

vs USD   147.18 / 154.43  ⬆

JPY strengthened against the dollar yesterday. Expectations of BOJ hiking rates at its Dec 18-19 meeting grew, buoyed by comments from Governor Ueda, however media reports suggested the BOJ may skip a rate hike this month. USDJPY fell 0.33% yesterday. 

Data source: Refinitiv, dated 6 Dec 2024 before 9:30 am

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Issued by HSBC Bank (China) Company Limited