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Daily FX Focus

16 May 2024

AUD

Support / Resistance

vs USD 0.6532 / 0.6783 ⬆

vs HKD 5.1068 / 5.2931

AUD rose against the dollar yesterday, hit a 4-month high due to the improved risk sentiment and USD weakness following downbeat US CPI data. Also the news about possible plan to ease the domestic housing glut underpinned AUD. AUDUSD rose 1.04% yesterday while AUDHKD ended at 5.22 level.

EUR

Support / Resistance

vs USD 1.0722 / 1.0968 ⬆

vs HKD 8.3829 / 8.5588

EUR strengthened against the dollar yesterday, rising to a one month high as the USD eased across the board on softer than expected inflation data. Meanwhile Eurozone activity data confirms Eurozone escaping economic stagnation. EURUSD rose 0.59% yesterday while EURHKD ended at 8.49 level.

GBP

Support / Resistance

vs USD 1.2519 / 1.2776 ⬆

vs HKD 9.7838 / 9.9705

GBP ended higher against the dollar yesterday and hit a five-week high amid USD weakness following the release of the US CPI. While GBP was also underpinned amid uncertainty over when the BoE will opt for interest-rate cuts. GBPUSD rose 0.77% yesterday while GBPHKD ended at 9.90 level.

NZD

Support / Resistance

vs USD 0.5949 / 0.6217 ⬆

vs HKD 4.6521 / 4.8504

NZD ended higher against the dollar yesterday supported by the softer USD after lower-than-expected US CPI and flat retail sales data. While Westpac analysts anticipate the RBNZ will leave the OCR at 5.5% at its May meeting next week. NZDUSD rose 1.41% yesterday while NZDHKD ended at 4.77 level.

CNH

Support / Resistance

vs USD 7.1648 / 7.2705 ⬆

vs HKD 1.0757 / 1.0892

CNH ended higher against the dollar yesterday amid USD weakness after the softer CPI data sending US yields sharply lower. Also a report of China considering local government purchases of unsold homes boosted CNH. USDCNH fell 0.29% yesterday while CNHHKD ended at 1.08 level.

CAD

Support / Resistance

vs USD 1.3531 / 1.3728 ⬆

vs HKD 5.6936 / 5.7660

CAD rose against the US dollar yesterday, touching its strongest level since Apr 10 as the USD eased broadly after softer than expected US inflation data. CAD was further boosted by a rise in oil prices due to strong oil demand. USDCAD fell 0.34% yesterday while CADHKD ended at 5.74 level.

JPY

Support / Resistance

vs USD 151.14 / 159.32 ➡

vs HKD 4.9075 / 5.1600

JPY strengthened against the dollar yesterday as the USD and US treasury yields retreated on softer than expected inflation. Meanwhile, Japan’s economy contracted in the first quarter as consumers and companies reduced spending. USDJPY fell 0.99% yesterday while JPYHKD ended at 5.04 level.

CHF

Support / Resistance

vs USD 0.8929 / 0.9167 ⬆

vs HKD 8.5263 / 8.7323

CHF strengthened against the dollar yesterday as the USD fell to a fresh one-month low against a basket of currencies after data showed consumer prices in the US rose slower than expected while retails sales remained flat. USDCHF fell 0.49% yesterday while CHFHKD ended at 8.65 level.

SGD

Support / Resistance

vs USD 1.3359 / 1.3601 ⬆

vs HKD 5.7478 / 5.8391

SGD strengthened against the US dollar yesterday as the USD eased and US treasury yields fell to more than five-week lows after consumer price inflation cooled in Apr, raising expectations of two cuts by the Fed this year. USDSGD fell 0.48% yesterday while SGDHKD ended at 5.80 level.

*Current Trend observations pertain to historical trend technical analysis only and do not reflect any forward looking fundamental views. The signal is generated with both the 20-days moving average and the 50-days moving average.

⬆ Up Trend, indicates that the currency has been moving higher against the USD

➡ Consolidation, indicates that the currency's movement against the USD has remained sideways

⬇ Down Trend, indicates that the currency has been moving lower against the USD

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