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Markets Today: Hong Kong returns to pre-COVID protests
podcast While they weighed on the Yuan and Hong Kong dollar as well as Asia EM FX more broadly – and with that the AUD – US equities still managed to eke out a positive session ahead of today’s Memorial Day holiday (the UK is also out Monday). The 12-month HKD outright forward ended Friday at 7.83 vs. the 7.7550 spot rate and 7.85 peg ceiling (see Chart of the Day below). The down day for the AUD meant that Friday was the first time this month we’ve seen opposite signs on the ‘change on the day’ for the S&P 500 and AUD/USD. It’s a timely reminder that when we see divergence between Developed ... (full story)