The USD/HKD edges lower to 7.7642 from 7.7662 late Wednesday, partly due to the safe-haven nature of the HKD, which is pegged to the USD, says a senior trader at a local bank. "I've spotted some corporates selling the renminbi and switching to the Hong Kong dollar. People want to park their funds in the Hong Kong dollar in times of risk aversion, because its value is relatively stable, while the renminbi is tipped to depreciate in the NDF market." One-year USD/CNY nondeliverable forward contract is at 6.3965/6.3995, vs 6.3900/6.3955 late Wednesday, reflecting a 0.9% fall in value of the CNY over the next year. The trader expects the USD/HKD to trade in a 7.7620-7.7660.
Find us on Google+
No comments:
Post a Comment