30 August 2024
Support / Resistance
vs USD 7.0565 / 7.1591 ⬆
vs HKD 1.0888 / 1.1048
CNH rose against the dollar yesterday after weakening for the prior three sessions, as traders await key data on US inflation and Chinese manufacturing activity. While PBOC will study new policy measures to boost economy, governor says. USDCNH fell 0.52% yesterday while CNHHKD ended at 1.09 level.
Support / Resistance
vs USD 1.0924 / 1.1215 ⬆
vs HKD 8.5149 / 8.7460
EUR weakened against the dollar yesterday, falling to a 10 day low while posting biggest weekly decline since early Apr. Data showed inflation in Germany and Spain fell, raising bets of a 67 bps rate cut by the ECB. EURUSD fell 0.39% yesterday while EURHKD ended at 8.63 level.
Support / Resistance
vs USD 1.2853 / 1.3375 ⬆
vs HKD 10.0183 / 10.4340
GBP fell against the dollar yesterday after the US Q2 GDP upwardly revised to 3%. Meanwhile BoE officials have been reluctant to offer a preset rate-cut path as inflation in the service sector has remained higher due to wage pressures. GBPUSD fell 0.17% yesterday while GBPHKD ended at 10.26 level.
Support / Resistance
vs USD 0.6632 / 0.6892 ⬆
vs HKD 5.1715 / 5.3746
AUD rose against the dollar yesterday supported by rising commodity prices, particularly iron ore. However the upside was limited after Australia Q2 business investment slides 2.2%, suggesting some downside risk for economic growth. AUDUSD rose 0.18% yesterday while AUDHKD ended at 5.30 level.
Support / Resistance
vs USD 0.6053 / 0.6379 ⬆
vs HKD 4.7193 / 4.9750
NZD rose against the dollar yesterday despite USD rose, jumps to near eight-month highs after NZ's business confidence soars to the highest in a decade in a recent ANZ Business Outlook survey, boosting the NZD. NZDUSD rose 0.21% yesterday while NZDHKD ended at 4.87 level.
Support / Resistance
vs USD 1.3365 / 1.3674 ⬆
vs HKD 5.6968 / 5.8364
CAD remained almost flat, ending marginally lower against the dollar yesterday despite the USD rising against a basket of currencies. Higher oil prices, which rose by more than a dollar have been supporting the CAD. USDCAD rose 0.02% yesterday while CADHKD ended at 5.78 level.
Support / Resistance
vs USD 142.48 / 148.44 ⬆
vs HKD 5.2527 / 5.4687
JPY ended lower against the dollar yesterday as the USD climbed with US treasury yields after US GDP rose more than expected in Q2. Investors will be focused on Tokyo inflation figures due later today. USDJPY rose 0.28% yesterday while JPYHKD ended at 5.37 level.
Support / Resistance
vs USD 0.8331 / 0.8681 ⬆
vs HKD 8.9792 / 9.3533
CHF weakened against the dollar yesterday. SNB Chairman Thomas Jordan acknowledged impact of a stronger franc on Swiss Industry. He said the SNB was committed to price stability and that interest rates remain its main tool. USDCHF rose 0.59% yesterday while CHFHKD ended at 9.20 level.
Support / Resistance
vs USD 1.2930 / 1.3187 ⬆
vs HKD 5.9062 / 6.0278
SGD ended stronger against the US dollar yesterday despite the USD strengthening broadly and US treasury yields rose. Most Asian currencies rose, supported by month end selling and inflows while most Asian shares fell. USDSGD fell 0.06% yesterday while SGDHKD ended at 5.98 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
WARNING: THE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG OR ANY OTHER JURISDICTION. YOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE INVESTMENT AND THIS DOCUMENT. IF YOU ARE IN DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.
This document has been issued by The Hongkong and Shanghai Banking Corporation Limited (the "Bank") in the conduct of its regulated business in Hong Kong and may be distributed in other jurisdictions where its distribution is lawful. It is not intended for anyone other than the recipient. The contents of this document may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. This document must not be distributed to the United States, Canada or Australia or to any other jurisdiction where its distribution is unlawful. All non-authorised reproduction or use of this document will be the responsibility of the user and may lead to legal proceedings.
This document has no contractual value and is not and should not be construed as an offer or the solicitation of an offer or a recommendation for the purchase or sale of any investment or subscribe for, or to participate in, any services. The Bank is not recommending or soliciting any action based on it.
Some of the information in this document is derived from third party sources as specified at the relevant places where such information is set out. The Bank believes such information to be reliable but it has not independently verified. We do not undertake any obligation to issue any further publications to you or update the contents of this document and such contents are subject to changes at any time without notice. They are expressed solely as general market information and/or commentary for general information purposes only and do not constitute investment advice or recommendation to buy or sell investments or guarantee of returns. The Bank has not been involved in the preparation of such information and opinion. The Bank makes no guarantee, representation or warranty and accepts no responsibility for the accuracy and/or completeness of the information and/or opinions contained in this document, including any third party information obtained from sources it believes to be reliable but which has not been independently verified. In no event will the Bank or HSBC Group be liable for any damages, losses or liabilities including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of this document or your reliance on or use or inability to use the information contained in this document.
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
The information contained within this document has not been reviewed in the light of your personal circumstances. Please note that this information is neither intended to aid in decision making for legal, financial or other consulting questions, nor should it be the basis of any investment or other decisions. You should carefully consider whether any investment views and investment products are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. The investment decision is yours but you should not invest in any 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, investment experience and investment objectives. The relevant product offering documents should be read for further details.
Some of the statements contained in this document may be considered forward-looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Such statements do not represent any one investment and are used for illustration purpose only. Customers are reminded that there can be no assurance that economic conditions described herein will remain in the future. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. We can give no assurance that those expectations reflected in those forward-looking statements will prove to have been correct or come to fruition, and you are cautioned not to place undue reliance on such statements. We do not undertake any obligation to update the forward-looking statements contained herein, whether as a result of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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 investors may not get back the amount originally invested. Past performance contained in this document is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. Past performance information may be out of date. For up-to-date information, please contact your Relationship Manager.
Investment in any market may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. If an investment is withdrawn or terminated early, it may not return the full amount invested.
Copyright © The Hongkong and Shanghai Banking Corporation Limited 2024. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.
Issued by The Hongkong and Shanghai Banking Corporation Limited