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USD/HKD Down Through Mid-Point Of Peg Band

HKD

Spot USD/HKD is through the mid-point of the HKMA peg band. The pair last near 7.7965, fresh lows back to the start of August (lows at 7.7926). Beyond that, December lows from last year rest near 7.7600. On the topside, recent highs come in at 7.8107, while the 20-day EMA is around 7.8130.

  • We continue to see downside in relative yield spreads, aiding HKD sentiment. The US-HK 3 month spread is now back to -4bps, also near early August lows.
  • 3 month Hibor was fixed at 5.42% today, +6.7bps (also close to early August levels), while the 1 month ticked above 5.03%. In contrast short end US rates continue to drift lower amid signs of softer US data momentum.
  • The HKMA also stated that it has no plans to change to peg system (BBG).
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