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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI EUROPEAN MARKETS ANALYSIS: China Equities Lower Post CEWC
MNI EUROPEAN OPEN: Sharp Fall In China Bond Yields Continues
USD/HKD Up From Recent Lows
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.