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USD/HKD Dragged Higher By Broader USD Gains

HKD

After making fresh lows around 7.7925 yesterday, USD/HKD has drifted a little higher in dealings today. The pair last near 7.7990, a little under +0.10% firmer for the session to date. This is in line with broader USD gains, with both USD/CNH and USD/CNY climbing today.

  • The pair remains below all key EMAs at this stage. The nearest being the 20-day, which comes in just above the 7.8100 level. The 200-day sits above 7.8300. In the past month though spot has generally tracked sub all key EMAs.
  • The 12 month outright is also higher, but is yet to move back above 7.7700. Support remains evident in this tenor around the 7.7600 zone.
  • The data calendar is quiet today, but tomorrow delivers the July PMI. The prior print was 50.3. This comes after the weaker than expected Q2 GDP print on Monday (-1.3% q/q, versus +0.9% forecast).
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