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Spot USD/HKD Finds Some Support This Week As US-HK Rate Differentials Stabilize

HKD

USD/HKD has seen some support emerge in the past week. Spot sits back near 7.8190 in recent dealings. This is against early highs from yesterday just above 7.8260. We are above lows from earlier in the week though near 7.8140. We are below all key EMAs with the majority clustered near the 7.8280/90 region, while the 200-day sits just above 7.8300.

  • US-HK rate differentials, at the short end have stabilized somewhat in recent sessions, with Wednesday's hawkish Fed outcome helping at the margins. The 3 month differential is around +22bps, we were near +100bps at the turn of the month. The 3 month Hibor fix was steady at 5.22% today, the 1 month at 5.23%.
  • The 1 month risk reversal is a touch above recent lows, last near -0.37.
  • In terms of the data calendar, next Tuesday delivers August trade figures.
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