GBP/HKD Exchange Rate Climbs amid Student-Led Riots
The Pound Sterling to Hong Kong Dollar exchange rate is currently trending in the region of 12.1390.
As traders await the key British inflation data on Tuesday morning, the Pound has gradually appreciated against the Hong Kong Dollar despite anxieties surround British disinflation. The Consumer price Index is forecast to hold at 1.2%, but any improvement would put a lot of pressure on the Bank of England to hike rates. Similarly, if the CPI falls further than forecast, the BoE will champion loose monetary policy and the Pound will slump across the board.
The Hong Kong Dollar has seen a lack of demand due to the ongoing student-led riots. ‘Some protesters have not complied with protest leaders in Mong Kok and that’s the loose cannon,’ said Michael Davis, a law professor at the University of Hong Kong, who emphasized that by cooperating students would demonstrate their respect for the rule of law.
Yesterday…
After British house price data produced mixed results, the Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate softened by around -0.16%. The Hong Kong Dollar, meanwhile, has appreciated as a result of unemployment data meeting with the median market forecast.
The Pound Sterling to Hong Kong Dollar exchange rate is currently trending in the region of 12.1290.
Mixed Data sees Sterling (GBP) Slump
Monday’s British economic data has produced mixed results, allowing the Pound to trend in a narrow range against the majority of its most traded currency rivals. Rightmove House Prices increased from 7.6% to 8.5% on a yearly basis but declined by -1.7% on a month-on-month basis following the previous month’s 2.6% gain.
Miles Shipside, Rightmove director and housing market analyst, stated; ‘Given the lowest ever level of property for sale at this time of year and the prospect of higher prices in popular locations in 2015, some buyers may look to start their New Year property search as early as Christmas Day itself.’
The Pound Sterling to Hong Kong Dollar exchange rate has dropped to a low today of 12.1210.
Unchanged Unemployment Cushions Hong Kong Dollar (HKD)
Monday’s economic data pertaining to the Hong Kong Dollar has printed reasonably positively, allowing the currency to appreciate against many of its major peers. Unemployment Rate equalled the previous figure of 3.3%, in line with the market consensus.
Secretary for Labor and Welfare, Matthew Cheung Kin-Chung said of the short-term outlook; ‘The latest figures still indicated a largely steady employment situation up to October. However, as labour market indicators are lagging in nature, and with the impact of the ‘Occupy Movement’ on the domestic economy only likely to surface progressively in the coming few months, we need to closely monitor the potential impact on employment and the income of grassroots workers.’
Pound Sterling to Hong Kong Dollar (GBP/HKD) Forecast to Strengthen
Providing the Eurozone trade balance data, due for publication later on Monday morning, meets with forecast figures the Pound is likely to appreciate against the Hong Kong Dollar.
The Pound Sterling to Hong Kong Dollar exchange rate has reached a high today of 12.2010.
Hong Kong Dollar (HKD) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,Hong Kong Dollar,12.1180 ,
Euro,, Hong Kong Dollar,9.6845 ,
US Dollar,, Hong Kong Dollar,7.7545 ,
[/table]
