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USD/HKD Up Off Lows, But US-HK Yield Differentials Moving Lower

HKD

USD/HKD spot sits above Monday lows. Yesterday we got to ~7.8320, but have tracked higher in the first part of Tuesday trade. Offers were evident on an earlier move above 7.8400, the pair last at 7.8385.

  • HKD weakness is line with broader USD gains, although US-HK short term rates have rolled over. The 3 month differential back to +85bps. 3 month Hibor rose +8bps today to 4.525%, the 1 month spiked back above 4%.
  • The 12 month outright is 100pips above Monday lows thoough, last near 7.7825, while the 6 month is back above 7.8030, also up from yesterday's lows. The 1 month risk reversal remains range bound.
  • Earlier the August PMI printed at 49.8, up from July's 49.4, but still in contraction territory. The data calendar has FX reserves out on Thursday, but otherwise the rest of the week is light data wise.
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