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Daily FX Focus

8 November 2024

CNH

Support / Resistance

vs USD 7.0845 / 7.2130 ⬇

vs HKD 1.0773 / 1.0966

CNH rose against the dollar yesterday as encouraging export data and the expected state bank support outweighed worries about higher U.S. tariffs on Chinese goods after Donald Trump's presidential election win. USDCNH fell 0.77% yesterday while CNHHKD ended at 1.08 level.

EUR

Support / Resistance

vs USD 1.0678 / 1.0934 ⬇

vs HKD 8.3010 / 8.4948

EUR rose against the dollar yesterday as the USD eased. Meanwhile, German Chancellor called for confidence vote in January and election in March. However, opposition parties and business groups say cannot wait that long. EURUSD rose 0.71% yesterday while EURHKD ended at 8.39 level.

GBP

Support / Resistance

vs USD 1.2859 / 1.3085 ⬇

vs HKD 9.9978 / 10.1652

GBP ended higher against the dollar yesterday. Even though the BoE cuts interest rates by 25 bps to 4.75% as expected, only gradual cuts will be likely in 2025 as the budget increased inflationary pressures. GBPUSD rose 0.84% yesterday while GBPHKD ended at 10.09 level.

AUD

Support / Resistance

vs USD 0.6551 / 0.6764 ➡

vs HKD 5.0941 / 5.2537

AUD rose against the dollar yesterday as USD fell broadly after a 25bps rate cut from the Fed. AUD rose despite the Australian monthly Trade Balance for September coming in weaker than expected. AUDUSD rose 1.67% yesterday while AUDHKD ended at 5.19 level.

NZD

Support / Resistance

vs USD 0.5928 / 0.6101 ➡

vs HKD 4.6081 / 4.7407

NZD rose against the dollar yesterday, rebounded after a sharp sell-off as investors await stimulus news from China following Trump's victory. But Trump’s proposals to raise tariffs could drag the NZD lower. NZDUSD rose 1.45% yesterday while NZDHKD ended at 4.68 level.

CAD

Support / Resistance

vs USD 1.3786 / 1.3948 ⬇

vs HKD 5.5737 / 5.6342

CAD strengthened against the US dollar yesterday as the USD eased broadly. A rise in oil prices also boosted CAD. Meanwhile, Bank of Canada has lowered borrowing costs and focus will be on Canada's employment report due today. USDCAD fell 0.56% yesterday while CADHKD ended at 5.60 level.

JPY

Support / Resistance

vs USD 149.76 / 155.40 ⬇

vs HKD 4.9995 / 5.1867

JPY strengthened against the dollar yesterday as the USD retreated. Markets was digesting Trump's victory and Fed's rate cut. Meanwhile, household spending in Japan fell in Sep for a second straight month. USDJPY fell 1.09% yesterday while JPYHKD ended at 5.08 level.

CHF

Support / Resistance

vs USD 0.8634 / 0.8795 ⬇

vs HKD 8.8348 / 8.9987

CHF rose against the dollar yesterday. Meanwhile, Swiss National Bank's forex reserves rose to CHF718.8 billion in Oct, a second consecutive monthly increase. USDCHF fell 0.48% yesterday while CHFHKD ended at 8.91 level.

SGD

Support / Resistance

vs USD 1.3071 / 1.3346 ⬇

vs HKD 5.8232 / 5.9427

SGD strengthened against the US dollar yesterday as the USD eased against a basket of currencies and US treasury yields dropped after the Fed cut rates by 25 bps as widely expected, amid a cooling labor market. USDSGD fell 0.96% yesterday while SGDHKD ended at 5.88 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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Related Insights

The Associated Press has called the 2024 US presidential election for Donald Trump…[7 Nov]
In the general election on 27 October, Japan’s ruling coalition lost its lower house...[4 Nov]
The BoC cut rates by 50bp in October, with 125bp of easing delivered year-to-date…[28 Oct]
Geopolitical risks and US election uncertainties buoy gold. [24 Oct]

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