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Hong Kong Dollar

Most emerging Asian currencies weakened as a drop in oil prices set off profit-taking, especially in commodity currencies and the USD touched a two and a half month high as forex traders and analysts looked for clues from the Fed wrt a USD interest rate hike.

The USD is expected to remain range bound as, even though investors expect the interest rate to increase, data showed US durable goods and consumer confidence are below market expectations.

The Hong Kong Monetary Authority (HKMA) intervened with the currency and sold HK$11.625 billion ($1.50 billion) on Tuesday afternoon as the local currency touched the high end of its trading range; the HKD is pegged at 7.8 to the U.S. dollar, but can trade between 7.75 and 7.85.

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