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USD/HKD Tracks Recent Ranges, Unemployment & CPI Due Later This Week

HKD

USD/HKD sits back down near 7.8200, after opening closer to 7.8250. Last week's lows came in near 7.8160, while September lows were close to 7.8135. Recent highs have been around 7.8250, but earlier this month we got close to 7.8345 amid a more hawkish Fed backdrop.

  • US-HK yield differentials are marginally lower in the 3 mth tenor, last at +24bps, but the trend move down has been very modest in recent weeks (we were at a high of +32bps closer to the start of the month).
  • 1 month Hibor fixed higher today at 4.93%, but remains below late September highs around 5.40%. The 3 month was set at 5.2265%, which is closer to late September highs for this benchmark (5.3065%).
  • The local data calendar has the September unemployment rate this Thursday (2.8% expected), then Friday sees September CPI print (1.8% y/y is forecast, unchanged from prior).
  • Note the USD/HKD peg turns 40 years old tomorrow.
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