Top of main content

Daily FX Focus

20 January 2025

CNH

Support / Resistance

vs USD 7.3050 / 7.3711 ⬇

vs HKD 1.0566 / 1.0632

CNH strengthened against the US dollar on Friday and appeared set to end the week higher, on track to snap a 4-week long losing streak after data showed China's economy grew 5.1% in the fourth quarter and 5% for the full year. USDCNH fell 0.07% last Friday while CNHHKD ended at 1.06 level.

EUR

Support / Resistance

vs USD 1.0153 / 1.0413 ⬇

vs HKD 7.9096 / 8.0976

EUR weakened against the US dollar on Friday weighed down by economic growth challenges in the eurozone, particular in Germany. Eurozone consumer inflation for Dec came in line with expectations and focus will be on Trump's trade tariffs. EURUSD fell 0.27% last Friday while EURHKD ended at 8.00 level.

GBP

Support / Resistance

vs USD 1.1982 / 1.2460 ⬇

vs HKD 9.3339 / 9.6902

GBP dropped against the US dollar as well as the euro on Friday after ONS data showed retail sales in the UK fell unexpectedly in Dec. The IMF has cut its forecast for UK growth in 2024 in the wake of Rachel Reeves’s record tax raid. GBPUSD fell 0.57% last Friday while GBPHKD ended at 9.47 level.

AUD

Support / Resistance

vs USD 0.6112 / 0.6285 ⬇

vs HKD 4.7632 / 4.8897

AUD ended lower against the US dollar on Friday, however it was on track for its first weekly gain in seven, strengthening around 1% for the week. AUD faces headwinds from slow economic growth and easing inflationary pressures. AUDUSD fell 0.32%last Friday while AUDHKD ended at 4.82 level.

NZD

Support / Resistance

vs USD 0.5515 / 0.5668 ⬇

vs HKD 4.3060 / 4.4177

NZD ended lower against the US dollar on Friday, however the kiwi dollar gained 1% on the weekly basis. Focus moves to Trump's inauguration. New Zealand's Q4 inflation report is due on Wednesday and will shape RBNZ's policy expectations. NZDUSD fell 0.39% last Friday while NZDHKD ended at 4.35 level.

CAD

Support / Resistance

vs USD 1.4344 / 1.4551 ⬇

vs HKD 5.3519 / 5.4223

CAD weakened against the US dollar on Friday. Canadian FM Melanie Joly said Canada is ready to respond to potential US tariffs while investors await Bank of Canada's fourth quarter Business Outlook Survey on Monday. USDCAD rose 0.57% last Friday while CADHKD ended at 5.37 level.

JPY

Support / Resistance

vs USD 154.55 / 158.46 ➡

vs HKD 4.9122 / 5.0370

JPY ended softer against the dollar on Friday after touching a one-month high, however on a weekly basis was poised for its strongest performance in over a month climbing by more than 1% on growing expectations of a rate hike by the Bank of Japan. USDJPY rose 0.73% last Friday while JPYHKD ended at 4.97 level.

CHF

Support / Resistance

vs USD 0.9037 / 0.9231 ⬇

vs HKD 8.4367 / 8.6040

CHF ended weaker against the US dollar on Friday as the USD strengthened against almost all major peers and US treasury yields firmed on upbeat housing and industrial production data ahead of Trump's inauguration. USDCHF rose 0.45% last Friday while CHFHKD ended at 8.51 level.

SGD

Support / Resistance

vs USD 1.3582 / 1.3779 ⬇

vs HKD 5.6519 / 5.7236

SGD ended weaker against the US dollar on Friday as the USD and US treasury yields rose. Meanwhile, Singapore's Dec exports rose 9.0% y-o-y beating forecast, boosted by increased shipments of both electronic and non-electronic goods. USDSGD rose 0.10% last Friday while SGDHKD ended at 5.68 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

Check exchange rates
Log on to check our real-time  currency exchange rates
Place FX rate alerts & orders
HSBC Premier and HSBC One customers are eligible to use this service

Related Insights

Gold is likely to remain well supported in 2025 on a cocktail of fiscal, geopolitical…[13 Jan]
The broad USD ended 2024 on a stronger footing, supported by the December FOMC meeting. [6 Jan]
The FOMC cut the US policy rate by 25bp but signaled fewer rate cuts in 2025; this likely...[19 Dec]
Rate differentials remain key to the broad USD; the Fed’s new dot plot likely in focus. [16 Dec]

Important Information for Customers:

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 2025. 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