|Day's range||7.808 - 7.811|
|52-week range||7.7934 - 7.8555|
The Hong Kong Monetary Authority (HKMA) stepped into the currency market again on Saturday in London and U.S. trading hours, buying HK$1.51 billion in Hong Kong dollars as the local currency repeatedly hit the lower end of its allowable trading band. The latest intervention will reduce the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$74.8 billion on March 12, according to Reuters data. HKMA announced the intervention mid-Saturday.
Excess cash in Hong Kong's banking system has caused the local dollar to weaken so far in 2019, and traders expect the pegged currency will soon test the lower end of its tight band against the U.S. dollar. The Hong Kong dollar has fallen more than half a percent since early December, when it was trading close to the middle of its 7.75-7.85 band against the U.S. dollar. One-month inter-bank rates(HIBOR) have fallen 139 basis points since mid-December, mimicking a drop in U.S. yields as expectations rose for the Federal Reserve to slow its pace of monetary tightening.
A period of weakness for Hong Kong's dollar may be coming to an end. The tightly controlled currency is showing signs of strength on the prospect of higher local interest rates.
Aug 31 (Reuters) - HSBC Holdings Plc: * SAYS TO RAISE HONG KONG DOLLAR 3-MONTH, 6-MONTH AND 18-MONTH NEW FUND TIME DEPOSIT RATES, EFFECTIVE SEPT 3 * SAYS HKD TIME DEPOSITS MINIMUM AMOUNT IS HK$10,000 ($1,274.02) ...
Investing.com - The dollar slipped on Friday after rising briefly earlier in the day following the conclusion of the trade talks between U.S. and China that has yielded little progress.
Investing.com - The U.S. dollar advanced on Wednesday after hitting another 13-month high in the previous session as safe-haven demand increased amid lingering concerns over the Turkish lira crisis.
HONG KONG, Aug 15 (Reuters) - The Hong Kong Monetary Authority (HKMA) stepped into the currency market in the U.S. trading hours on Tuesday, buying HK$2.159 billion ($275.05 million) in Hong Kong dollars ...