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Free Access### POV: HKD BETTING ON A BREAK? -Once....>
HONG KONG: ### POV: HKD BETTING ON A BREAK?
-Once every few months, USD/HKD becomes the focus of options markets as the pair
tests the highest levels of the HK$7.75-7.85 HKMA band. That's been the case
this week with an uptick noted in trades taking positions that would profit from
a break of the peg. Particular interest has been paid to a 1-year $250mln 8.00
call strike that traded Monday, paying a $225,000 premium for the privilege.
-The trade follows the HKMA's first intervention in currency markets since
August of 2018 (which, back then, was the first since 2005) on Friday last week,
an action that's been repeated again overnight.
-Despite the HKMA's actions, more options trades crossed that favour a weaker
HKD, with a further $2bln in 7.85 calls trading in Asia-Pac/early European
hours, as well as $300mln in calls with strikes north of the peg. The trades
comfortably mark the highest USD/HKD call option volume of 2019 and the total
notional sits well above the levels seen last time the HKMA intervened.
-But, with HKMA reserves still strong, these trades will likely remain mere
volatility bets for now.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.