Hong Kong dollar little changed

The Hong Kong dollar was little changed against the greenback on Tuesday amid a dearth of fresh market-moving news, dealers said.
"Recently, the spot rate has moved in a tight range with some short term trading," said a dealer from a Japanese bank.
The local currency shuffled between 7.7982 and 7.7987 per US dollar throughout the day and traded at 7.7983/84 slightly firmer than 7.7987/88 in late Asian trade on Monday.
Meanwhile, Hong Kong dollar forwards were range-bound.
"The tomorrow/next forwards softened slightly this morning, prompting some selling interest for the longer-dated contracts. However, some buying interest re-emerged at the discount of 590 and 585 pips for the one-year," the Japanese bank dealer said.
The discount on one-year forwards was quoted at 580/570 pips late on Tuesday versus Monday's close of 570/555 pips.
Dealers said the one-year forwards found strong support at the 600 pips mark recently and they expect the forwards to remain range-bound between 500 and 600 pips in the near term.
In the cash market, the overnight interbank rate eased to 0.43 percent by late afternoon from a session high of 0.81 percent.
Earlier on Tuesday, short-term liquidity tightened on demand for funds in preparation for a slew of public share offerings in the territory, one trader from a European bank said.