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USD/HKD Up From Recent Lows

HKD

Spot USD/HKD sits above recent lows. The pair last near 7.8210. Earlier highs were seen close to 7.8240, while Monday's low was just under 7.8140. The pair is sub all key EMAs, with the 20-day sitting closest, back near 7.8260.

  • Broader USD gains have likely slowed HKD appreciation to some extent, with the BBDXY pushing to fresh YTD highs in recent sessions.
  • Yield differentials have nudged back in favor of the USD but only at the margin. The 3-month US-HK spread sits back at +17bps, we were +13.5bps yesterday. The 3 month Hibor was fixed at 5.28% today (5.306% yesterday). The 1 month was fixed at 5.36% today, little changed from Tuesday levels.
  • The 1 month risk reversal remains steady near -0.36.
  • On the data front, August trade figures were slightly better than expected at -3.7% y/y (-6.1% forecast, -9.1% prior). Imports were close to flat (-4.5% projected).
  • Friday delivers August retail sales data, money supply figures and the budget balance.
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