Hong Kong Economy:Dollar strength,outflows and media overhype

类型：宏观经济机构：大和证券(香港)有限公司研究员：Kevin Lai 日期：2014-09-29

USD surges as money movesaway from risky assets. The USDhas been strengthening across theboard post Jackson Hole andSeptember’s FOMC meeting, withthe DXY index having broken the 4-year resistance level at 84.75.

    Meanwhile, the HKD has alsoweakened from 7.7500 to 7.7545.

    After rounds of HKMA intervention(over a dozen and mostly in July),there has been no intervention since5 August, as money inflows havequietened down again.

    USD19bn entered Hong Kongbut most likely has left again. Atthe height of HKMA intervention,we warned that such interventionwas at best media hype and at worsta misleading signal for the market(see HKMA intervention

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