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HKD was one of the strongest performers...>

HONG KONG
HONG KONG: HKD was one of the strongest performers across the Asia-Pac session
overnight, hitting the highest levels against the greenback since H1 2017 at
7.7770 in overnight trading. Despite the volatility elsewhere being largely
prompted by risk-off flows on the Iran news, HKD broke higher as markets
continue to eye expectations that funding costs will rise in the coming weeks
due to cash demand ahead of Lunar New Year and anticipated Chinese IPOs on HK
exchanges.
- HIBOR interbank rates have been ticking higher since late October and despite
a modest pullback Friday, remain over 25bps above the recent low post two months
ago.
- Lunar New Year holidays begin on Saturday 25th January.

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