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USD/HKD spot likely to hover around 7.85 in run-up to G-20 Osaka Summit, with rising upside risks: Scotiabank

The USD/HKD currency spot is expected to hover around 7.85 in the run-up to the G-20 Osaka Summit, with rising upside risks to USD/HKD forwards. If risk sentiment improves, USD/HKD will slide in response as HKMA aggregate balance has shrunk markedly, according to the latest research report from Scotiabank.

The yuan’s weakness has weighed on the HKD despite a steady USD/HKD yield spread. Mainland Chinese investors have turned net buyers of Hong Kong shares again amid escalating US-China trade tensions.

The PBoC has stepped up efforts to stabilize market expectations of the yuan exchange rate, keeping USD/CNY fixing below 6.90.

However, the yuan would face increasing depreciation pressure should China fail to deescalate trade tensions with the US at the G-20 Osaka Summit set for 28-29 June, the report added.

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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

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50 %

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48.6 %

January 31 00:00 UTC 854081854081m

ARAnnual Primary Balance*

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2016 bln ARS

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 865901865901m

ARTrade Balance

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-1541 %

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ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 865901865901m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 854081854081m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 854081854081m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 854081854081m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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