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USD/HKD Spot Rebounds To Multi Week Highs

HKD

Spot USD/HKD has firmed, the pair rallying to 7.8280 this afternoon. We were around 7.8210 at the open. This is fresh highs back to mid September. We have moved back above the 20-EMA (~7.8260), but the 200-day sits above 7.8300, which hasn't been breached yet.

  • These moves come despite a fresh record high in overnight Hibor, fixing at 5.81%. The 1 month also climbed 4bps to 5.40%, highs back to earlier August. We were steadier in the 3 month space, fixing at 5.27%. This has kept the US-HK 3mth differential steady at +18bps.
  • Hong Kong equities remain under pressure, the HSI off over 1% at this stage, despite reports from SCMP that housing rules may be eased.
  • Tomorrow, we get August retail sales, money supply and the budget balance.
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