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USD/HKD Consolidates Just Below 7.8400

HKD

USD/HKD spot has consolidated somewhat, with spot finding some resistance to a break above 7.8400 in the near term. The pair was last around 7.8370, with a modest 7.8364/7.8386 range so far today. Recent highs rest around the 7.8395 level.

  • US-HK yield differentials still remain skewed in favor of the USD, although market participants may not see the same risk/reward given spot USD/HKD is getting closer to the top end of the peg band.
  • Broader USD sentiment has also stabilized in recent sessions, with the BBDXY tracking sideways around a rough 1240 mid-point.
  • In the outright forward space, the 12 month remains below 7.7800, the 6 month near 7.8000, both pairs sit slightly below recent highs.
  • The local data calendar remains quiet until tomorrow when July trade figures are out. The market expects export growth at -8.8% y/y (prior -11.4%).
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