Hong Kong
2024-12-16 14:18
IndustryMarket analysis on December 16
The USDX fluctuated around the 107 mark on Friday before finally closing at 106.94, down 0.071%, still holding steady at a more than two-week high and notching its best weekly performance in a month. U.S. Treasury yields extended gains, with the two-year yield at 4.247% and the 10-year yield at 4.396%.
With two consecutive weeks of net outflows from the dollar CFTC ending on December 10, long dollar positions are already near all-time highs, and overall long positions are more crowded. It also means that the dollar is more vulnerable should long positions choose to exit in large numbers. Also, net positions in the Japanese yen saw net inflows for the fourth consecutive week. In theory, the continued inflow of yen funds is not good for USD/JPY, but USD/JPY found support in the 148-150 area and rose again. This may indicate that the inflow of yen funds cannot stop the upward momentum of USD/JPY at present.
EUR/USD:
1st support: 1.0505 1st resistance: 1.0519
2nd support: 1.05 2nd Resistance: 1.0528
GBP/USD:
1st support: 1.2627 1st resistance: 1.2637
2nd support: 1.2622 2nd resistance: 1.2644
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Market analysis on December 16
Hong Kong | 2024-12-16 14:18
The USDX fluctuated around the 107 mark on Friday before finally closing at 106.94, down 0.071%, still holding steady at a more than two-week high and notching its best weekly performance in a month. U.S. Treasury yields extended gains, with the two-year yield at 4.247% and the 10-year yield at 4.396%.
With two consecutive weeks of net outflows from the dollar CFTC ending on December 10, long dollar positions are already near all-time highs, and overall long positions are more crowded. It also means that the dollar is more vulnerable should long positions choose to exit in large numbers. Also, net positions in the Japanese yen saw net inflows for the fourth consecutive week. In theory, the continued inflow of yen funds is not good for USD/JPY, but USD/JPY found support in the 148-150 area and rose again. This may indicate that the inflow of yen funds cannot stop the upward momentum of USD/JPY at present.
EUR/USD:
1st support: 1.0505 1st resistance: 1.0519
2nd support: 1.05 2nd Resistance: 1.0528
GBP/USD:
1st support: 1.2627 1st resistance: 1.2637
2nd support: 1.2622 2nd resistance: 1.2644
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