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Daily FX Focus

25 November 2025

Important Risk Disclosure

The investment decision is yours but you should not invest in this 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 and investment experience.

Investment involves risk. Loss may be incurred as well as profits made as a result of buying and selling investment products.

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.

RMB is currently not freely convertible and subject to regulatory restrictions (which might be changed from time to time).

CNH

Support / Resistance

vs USD 7.0837 / 7.1323 ⬆

CNH weakened against USD yesterday. Fed cut bets limited dollar gains, but a projected yuan fix near 7.1056 kept the balance slightly dollar-positive. USDCNH rose 0.02% yesterday while CNHHKD ended at 1.09 level.

EUR

Support / Resistance

vs USD 1.1440 / 1.1627 ⬇

EUR advanced against USD yesterday, helped by a softer dollar despite weak German Ifo data. Focus shifted to ECB speakers, with cautious policy talk keeping EUR modestly firmer. EURUSD rose 0.07% yesterday while EURHKD ended at 8.96 level. 

GBP

Support / Resistance

vs USD 1.3002 / 1.3210 ⬇

GBP strengthened against USD yesterday as a softer U.S. policy tone and stable UK news supported the currency, which closed slightly higher. GBPUSD rose 0.05% yesterday while GBPHKD ended at 10.20 level.

AUD

Support / Resistance

vs USD 0.6395 / 0.6556 ⬇

AUD rose against USD yesterday as risk appetite improved and tech optimism grew ahead of China earnings, while Fed cut bets capped the dollar, supporting AUD gains. AUDUSD rose 0.14% yesterday while AUDHKD ended at 5.03 level.

NZD

Support / Resistance

vs USD  0.5562 / 0.5675 ⬇

NZD fell against USD yesterday deespite positive regional sentiment and Fed cut bets. Markets await RBNZ’s rate decision, with a 25 bps cut fully priced in. NZDUSD fell 0.02% yesterday while NZDHKD ended at 4.36 level.

CAD

Support / Resistance

vs USD 1.4002 / 1.4173 ⬇

CAD weakened against USD yesterday, hovering near two-week highs as December rate-cut expectations grew after dovish Fed remarks. USDCAD rose 0.05% yesterday while CADHKD ended at 5.51 level.

JPY

Support / Resistance

vs USD 153.83 / 158.92 ⬇

JPY fell against USD yesterday as policy divergence and focus on a 40-year JGB auction kept the yen under pressure. USDJPY rose 0.31% yesterday while JPYHKD ended at 4.96 level.

CHF

Support / Resistance

vs USD 0.7933 / 0.8181 ⬇

CHF weakened against USD yesterday, with limited Swiss news and direction driven by dollar tone and cross-asset sentiment, optimism in the US equity market pressured the safe heaven demand. USDCHF rose 0.02% yesterday while CHFHKD ended at 9.62 level.

SGD

Support / Resistance

vs USD 1.2973 / 1.3108 ⬇

SGD rose against USD yesterday as Asia FX firmed on Fed cut expectations and steady risk appetite, with local news muted. USDSGD fell 0.19% yesterday while SGDHKD ended at 5.96 level. 

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Disclaimer

This document has been prepared for information only. Information contained in this document is obtained from sources believed to be reliable; however HSBC does not guarantee its completeness or accuracy. The information contained in this document is intended for Singapore residents only and should not be construed as an offer to purchase or subscribe for any investment where such activities would be unlawful under the laws of such jurisdiction, in particular the United States of America and Canada. This material is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment or securities nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The specific investment objectives, personal situation and particular needs of any person have not been taken in consideration. You should therefore not rely on it as investment advice. Opinions and estimates expressed are subject to change without notice and HSBC expressly disclaims any and all liability for representations and warranties, express or implied, contained herein, or for omissions. All charts and graphs are from publicly available sources or proprietary data. The mention of any security should not be construed as representing a recommendation to buy or sell that security, nor does it represent a forecast on future performance of the security.

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