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Daily FX Focus

4 Jul 2025

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AUD

Support / Resistance

vs USD 0.6429 / 0.6649 ⬆

AUD ended lower against the US dollar yesterday as markets react to the latest US Nonfarm Payrolls report. The RBA is widely expected to cut rates for third time on Jul 8 as economy slows. AUDUSD fell 0.20% yesterday while AUDHKD ended at 5.15 level.

EUR

Support / Resistance

vs USD 1.1524 / 1.1908 ⬆

EUR ended lower against the dollar yesterday extending losses to a second straight day. ECB latest minutes of meeting revealed that some policymakers wanted to keep interest rates unchanged. EURUSD fell 0.36% yesterday while EURHKD ended at 9.22 level.

GBP

Support / Resistance

vs USD 1.3417 / 1.3838 ⬆

GBP ended stronger against the dollar yesterday after losing ground in the previous session. PMI showed UK services sector grew at fastest pace since Aug. British PM's office backed FM Rachel Reeves, easing concerns over her future. GBPUSD rose 0.14% yesterday while GBPHKD ended at 10.71 level.

NZD

Support / Resistance

vs USD 0.5927 / 0.6166 ⬆

NZD ended lower against the US dollar yesterday as downbeat Chinese economic data exerts some selling pressure on the Kiwi given China is a major trading partner of NZ. NZDUSD fell 0.31% yesterday while NZDHKD ended at 4.76 level.

RMB

Support / Resistance

vs USD 7.1463 / 7.1947 ⬆

CNH ended lower against the dollar yesterday as the USD strengthened on strong jobs data. Data released by Caixin on Thursday showed that the Services PMI declined to 50.6 in Jun, compared to 51.1 in May. USDCNH rose 0.13% yesterday while CNHHKD ended at 1.09 level.

CAD

Support / Resistance

vs USD 1.3479 / 1.3740 ⬆

CAD ended slightly higher against the US dollar yesterday despite a strengthening in the USD and a slight fall in oil prices. Canada's trade deficit narrows in May, US exports drop to lowest since pandemic. USDCAD fell 0.05% yesterday while CADHKD ended at 5.77 level.

JPY

Support / Resistance

vs USD 142.38 / 147.74 ➡

JPY ended lower against the US dollar yesterday as yield spreads widened. Internal affairs ministry data showed Japanese companies agreed to raise wages by 5.25% this year, the biggest pay hike in 34 years. USDJPY rose 0.88% yesterday while JPYHKD ended at 5.41 level.

SGD

Support / Resistance

vs USD 1.2651 / 1.2896 ⬆

SGD ended lower against the US dollar yesterday as the USD strengthened and US treasury yields rose on stronger than expected jobs data. Meanwhile, Republicans overcome internal divides and passed tax-cut and spending bill. USDSGD rose 0.19% yesterday while SGDHKD ended at 6.15 level.

MYR

Support / Resistance

vs USD 4.1705 / 4.2825 ⬆

USDMYR was broadly consolidation yesterday with the pair traded around 4.22 throughout the day ahead of US holiday. The pair opened a tad below 4.22 levels and was testing towards 4.23 levels however USD selling interest has kept the upward momentum in check. It eventually closed around the same level at 4.22. Overnight, it was a fairly choppy session with USD traded stronger with better data almost across the board. Payrolls came in 41k above survey, jobless claims 8k lower and ISM services marginally higher as well. USD did a decent squeeze higher with US yields and equities with USDJPY and led the way after the print. Stocks and yields stayed bid throughout the day but USD came off shortly after that into London close. With US yields holding, USD ended up supported for the rest of the day. Locally, we expect flows to be light today in view of US holiday. USDMYR opened at 4.23 level and expected to trade at 4.22- 4.24 range today.

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

➡ Up Trend, indicates that the currency has been moving higher against the base currency

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

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