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Spot USD/HKD Sub 7.8200, Maintaining Modest Drift Lower

HKD

Spot USD/HKD has drifted back sub 7.8200, in line with some broader USD softness in Friday dealings. Some signs of stability in Hong Kong equities are also likely helping at the margin. The pair was last near 7.8195, with earlier lows close to 7.8180.

  • We have spent most of the week drifting lower, although mid October lows near 7.8160 haven't been tested yet. On the upside, all the key EMAs rest between 7.8240 and 7.8300. The 20-day, near 7.8240, has presented a cap in recent sessions.
  • US-HK short end yields spreads continue to largely drift sideways. 1 month Hibor tracking sideways around 4.95%, the 3 month near 5.25%.
  • The 1 month risk reversal for USD/HKD has firmed a touch but at -0.385 remains well within recent ranges.
  • On the data front, next Tuesday delivers Q3 GDP, with +1.4% q/q expected (prior -1.3%).
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