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USD/HKD Spot Continues To Trend Lower

HKD

USD/HKD spot sits modestly above session lows, the pair last near 7.8250. We got to 7.8234 in earlier trade. We are now sub all the key EMAs, although the simple 50-day MA at 7.8240 may be somewhat of a support point.

  • The US-HK short term yield differential continues to track lower, now back to +44bps on a 3 month basis, -16bps versus yesterday's levels. 1 month Hibor is back close to 5%, likewise for the 3 month.
  • In the outright space, the 12 month sits back near 7.7745, unable to break sub 7.7700 in earlier trade. The 6 month was last around 7.7950, also close to multi-week lows.
  • Coming up we have the Q2 PPI and IP.
  • The other focus point is local banks raising Hibor-linked mortgage rates, which is expected to put additional pressure on the local housing/property market.
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