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Daily FX Focus

23 May 2025

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AUD

Support / Resistance

vs USD 0.6339 / 0.6498 ⬆

AUD ended lower against the US dollar yesterday as soft PMI reinforces RBA dovishness. The composite PMI dipped 0.4 points to a three-month low at 50.6, the services PMI dropped 0.5 points to a six-month low at 50.5. AUDUSD fell 0.39% yesterday while AUDHKD ended at 5.01 level.

EUR

Support / Resistance

vs USD 1.1102 / 1.1419 ⬆

EUR ended weaker against the dollar yesterday after Eurozone business activity unexpectedly contracted in May as the bloc's dominant services industry suffered a deeper downturn in demand while manufacturing showed further signs of stabilization. EURUSD fell 0.44% yesterday while EURHKD ended at 8.82 level.

GBP

Support / Resistance

vs USD 1.3212 / 1.3543 ⬆

GBP ended nearly unchanged, ending marginally lower against the US dollar yesterday. Focus moves to the final key data release this week - UK retail sales for Apr data due later today which is expected to show a third consecutive monthly decline. GBPUSD fell 0.01% yesterday while GBPHKD ended at 10.50 level.

NZD

Support / Resistance

vs USD 0.5821 / 0.5999  ➡

NZD ended weaker against the US dollar yesterday after NZ budget release. The government emphasized fiscal prudence and forecast a narrower budget deficit for the fiscal year ending June 2025, lifting bets for more rate cuts by the RBNZ. NZDUSD fell 0.67% yesterday while NZDHKD ended at 4.61 level.

RMB

Support / Resistance

vs USD 7.1706 / 7.2454 ⬆

CNH ended flat against the dollar yesterday despite a broad based strengthening in the USD. The People's Bank of China's unwavering stance to keep the yuan relatively stable has increased its appeal while China pledges to ease monetary policy further. USDCNH rose 0.00% yesterday while CNHHKD ended at 1.08 level.

CAD

Support / Resistance

vs USD 1.3730 / 1.3998 ⬆

CAD ended almost flat, ending marginally higher against the US dollar yesterday. Focus moves to Canadian retail sales data for March due later today that could offer further clues on prospects of the Bank of Canada remaining on hold. USDCAD fell 0.02% yesterday while CADHKD ended at 5.64 level.

JPY

Support / Resistance

vs USD 141.35 / 147.66 ⬆

JPY ended lower against the US dollar yesterday, snapping a three session long streak of gains amid profit taking before weekend. Data by Japan Statistics Bureau showed Japan’s National CPI climbed 3.6 % YoY in April, Core CPI rose more than expected. USDJPY rose 0.23% yesterday while JPYHKD ended at 5.43 level.

SGD

Support / Resistance

vs USD 1.2825 / 1.3054 ⬆

SGD ended weaker against the US dollar yesterday. Government data showed Singapore's economy grew by 3.9% in the first quarter of 2025 from a year earlier, slightly higher than an official advance estimate of 3.8% released last month. USDSGD rose 0.29% yesterday while SGDHKD ended at 6.05 level.

MYR

Support / Resistance

vs USD 4.1939 / 4.3466 ⬆

USDMYR was traded softer in the morning session yesterday with opening at around 4.26 and briefly traded below 4.25 levels. The pair was met with buying interest at dip, from there on it grind higher in the noon session to 4.27 levels and eventually closed the day at 4.27 levels. USD recovered earlier losses overnight. US treasury markets rallied in price, pushing yields slightly lower and reversed some of the increases from the previous day on the back of the poor bond auction. Job data came in mixed, initial claims softer at 227k while continuing claims came in at 1,903k. S&P PMI data came out strong on all fronts, with manufacturing PMI at 52.3, Services at 52.3, and Composite at 52.1. USDMYR opened almost unchanged to yesterday closing at 4.27 this morning and expected to trade within 4.25-4.29 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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