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US Dollar / Hong Kong Dollar (USD/HKD)

Follow the US Dollar (USD) vs Hong Kong Dollar (HKD) exchange rate. Get live forex data, market trends, and expert insights for strategic trading at FP Markets Spain.
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US Dollar / Hong Kong Dollar (USD/HKD) Profile

The USD is the base currency, and the HKD is the counter currency. The USD/HKD currency pair is an exotic couple, with a small trading volume as opposed to the major forex pairs.

The USD dates back to 1792, when the United States Congress created the US dollar as the official country’s currency. It serves as legal tender in many countries, and it is the most widely used currency in the world both in circulation and reserve. The US dollar form the majors as it pairs with all main currencies in the foreign exchange market (forex). The Hong Kong dollar is considered to be one of the world’s most traded currencies in the world. Hong Kong is one of the world’s leading international financial centers and has a major capitalist service economy characterised by low taxation and free trade. Despite the 2009 crisis in economic, the country has recovered well. Hong Kong and mainland China use different currencies, with the first using the Hong Kong dollar and the latter the Chinese yuan. In addition, merchants in Hong Kong do not freely accept the yuan.

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US Dollar / Hong Kong Dollar (USD/HKD) Trading FAQ

While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the USD/HKD whenever the currency pair is more volatile. from 13:00 to 17:00 GMT., the USD/HKD will continue to be the most acceptable time to day trade, regardless of whether daily volatility increases or decreases.

Many factors can affect the USD/HKD market sentiment and spot rates, such as central banks policies, the price of commodities in each country, exports of both countries, economic growth, and political stability.

Trading the USD/HKD is an excellent way to access the world's two largest economies, the US and China. However, traders with more experience tend to prefer it because it has a fixed self-correcting system. The HKD is the ninth most traded currency, and since it is pegged to the US dollar with upper and lower limits, it does not exhibit any strong, unique correlations with other currencies.

As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as USD and HKD. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.

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