Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
More View more
Breaking news

Australia added 114.7k jobs in July, beating 30.0k estimate. Unemployment rate fell to 7.5%, outperforming the 7.8% estimate

Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:https://t.co/sR7HqpK8BI https://t.co/PSyPSFwSQq
  • - #Crudeoil prices could get a tailwind from newly growing US-#Iran political risks - Washington is seeking to extend an arms embargo beyond its October deadline - #Geopolitical tensions are not unfamiliar to oil traders, but is this time different? https://www.dailyfx.com/forex/fundamental/article/special_report/2020/08/13/Crude-Oil-Prices-Brace-for-Impact-with-US-Iran-Tensions-Brewing.html
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/RD5jfhST15
  • If you missed today's live coverage of the Australian jobs reports where I discussed recent price action and the trajectory of $AUDUSD, $AUDJPY and $AUDNZD, check out the recording on YouTube here - https://t.co/DFtslv9p9J
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.36% Gold: 1.08% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/D73pACW7Wo
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.20% 🇬🇧GBP: 0.19% 🇨🇭CHF: 0.14% 🇦🇺AUD: 0.07% 🇨🇦CAD: 0.04% 🇳🇿NZD: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iWfve22mC7
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.74%, while traders in US 500 are at opposite extremes with 78.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pr60jYN4lU
  • Are we witnessing a positive month for the FTSE as bulls take control? Find out here: https://t.co/j89IW0WMY7 https://t.co/JECJAfuFJW
  • #AUDUSD edged slightly higher after better-than-expected jobs report https://t.co/1sG8q6hGcc
  • 🇦🇺 Full Time Employment Chg (JUL) Actual: 43.5K Previous: -38.1K https://www.dailyfx.com/economic-calendar#2020-08-13
USD/HKD Shrugs at US Peg Threat, Hang Seng Index Digests Surge

USD/HKD Shrugs at US Peg Threat, Hang Seng Index Digests Surge

2020-07-08 05:00:00
Margaret Yang,


  • Hang Seng index consolidating at key 26,000 support as US equities pull back
  • USD/HKD trades firmly at the 7.750 – the lower bound of the currency peg
  • Straits Times index little-moved before general election, consolidating at 2,650

Hang Seng Index, HKD Outlook:

Hong Kong’s Hang Seng Index (HSI) stock market benchmark is consolidating for a second day, finding support at 26,000 – the 61.8% Fibonacci retracement level. Negative sentiment from the US overnight is dampening risk appetite across the Asia-Pacific markets, with Covid-19 virus resurgence in North America and India in focus. Australia’s Victoria state premier has re-imposed Stage 3 stay-at-home restrictions for 6 weeks, underscoring the impact of a second viral wave on economic recovery.

Sector-wise, the Hang Seng constituents are trading mixedmid-day. Communication services (+2.62%), consumer staples (+2.54%) and information technology (+1.41%) leading the gains while consumer discretionary (-1.13%), industrials (-0.51%) were among the worst performers (chart below).

Hang Seng Index sector performance 8th July 2020

Source: his.com.hk, DailyFX

There are talks about a possible break of the Hong Kong Dollar (HKD) trading band this morning, with some White House advisors reportedly proposing to undermine the USD/HKD currency peg in order to punish Beijing for imposing a new security law on the city. USD/HKD was little-moved on the newshowever. It is trading firmly at 7.750 – the lower bound of the currency peg – as HKD remains in demand. Capital was seen to have poured into the HKD-denominated assets in the past few weeks, which partially explained the rally in the Hong Kong stock market.

Besides, the Hong Kong Monetary Authority (HKMA) has sufficient dry powder to defend the currency peg if needed. The central bank has US$ 437 billion worth of foreign reserves, or 121% of Hong Kong’s nominal GDP (chart below).

HK foreign reserve vs HK nominal GDP

Source: Bloomberg, DailyFX

Hang Seng Index –Technical Analysis

Technically, HSI has broken above a key resistance at 26,000 with strong volume on Monday, and subsequently entered into consolidation. The previous resistance is now becoming an immediate support level, and thus holding above 26,000 is critical in the next few days. The RSI indicator was overbought on Monday and thus suggested a technical correction is likely. The overall trend remains bullish as the 10-day, 50-day and 100-day Simple Moving Averages (SMAs) have likely formed a ‘Golden Cross’.

Hang Seng Index – Daily Chart

USD/HKD Shrugs at US Peg Threat, Hang Seng Index Digests Surge

Straits Times Index:

Singapore’s Straits Times index (STI) stock market benchmark followed US markets lower on Wednesday, trading at 2,650 with relatively thin volume. Investors are probably sitting on the sidelines ahead of a nation-wide election on Friday. Once the political skies clear, the stock market will likely find its own direction and start to move in tandem with the rest of Asia.

Technically, the STI is consolidating at around 2,600-2,700 with shrinking volume. Immediate support and resistance levels could be found at 2,600 (38.2% Fibonacci retracement) and 2,725 (50% Fibonacci retracement), respectively.

Straits Times IndexDaily Chart

USD/HKD Shrugs at US Peg Threat, Hang Seng Index Digests Surge
Building Confidence in Trading
Building Confidence in Trading
Recommended by Margaret Yang
Don’t give into despair, make a game plan
Get My Guide

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.