The Hong Kong dollar fell late on Thursday as some investors switched back to US dollars in the absence of fresh factors to push the local unit higher. However, speculation that China could soon revalue the yuan and expectations of higher interest rates after Federal Reserve Chairman Alan Greenspan's testimony on the US economy should continue to underpin the Hong Kong dollar, analysts said.
The Hong Kong unit was trading at 7.7784/86 to the US dollar in late trade, after rising to 7.7774/75 in mid-morning from 7.7780/82 late on Wednesday.
The Hong Kong dollar is pegged to the US dollar at 7.75-7.85.
Comments
Comments are closed.