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USD/HKD Spot Dips Back Towards September Lows

HKD

USD/HKD sits lower, last just under 7.8180. Lows today came in at 7.8159, while a spike above 7.8200 drew selling interest. A continued move lower could see September lows close to 7.8140 targeted. The pair is sub all its key EMAS, which remain clustered back near 7.8300.

  • US-HK yield differentials have rolled over modestly. The 3 month spread is back to +26bps, which is still above late September lows near +14bps, but the broader move lower in yields, softer USD backdrop, have no doubt aided HKD to some degree in recent sessions.
  • 3 month Hibor fixed at 5.22% today, up slightly from recent lows, the 1 month fixed at 4.96%. Late September levels were near 5.40% for this fixing.
  • The 1 month risk reversal has drifted a little lower, but at -0.385 remains within recent ranges.
  • Yesterday, the China Securities Journal warned onshore investors of the dangers of moving money into HKD denominated products (see this BBG link).
  • The local data calendar is empty until next week when unemployment figures are due for September.
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