{"id":33231,"date":"2025-05-03T11:39:01","date_gmt":"2025-05-03T15:39:01","guid":{"rendered":"https:\/\/www.duck9.com\/blog\/?p=33231"},"modified":"2025-05-03T12:45:34","modified_gmt":"2025-05-03T16:45:34","slug":"hong-kong-dollars-and-taiwan-dollars-both-strengthening-versus-the-us-dollar","status":"publish","type":"post","link":"https:\/\/www.duck9.com\/blog\/hong-kong-dollars-and-taiwan-dollars-both-strengthening-versus-the-us-dollar\/","title":{"rendered":"Hong Kong Dollars and Taiwan Dollars both strengthening versus the US dollar"},"content":{"rendered":"
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Luke Gromen<\/a><\/b><\/td>\n<\/tr>\n
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HKD and TWD (Taiwan dollar) both strengthening notably v. USD in recent days (the opposite direction western consensus has long thought they would move given US\/China tensions) is very interesting.<\/p>\n

Screenshot via \u2066\u202a@AndreasSteno\u202c\u2069<\/a> pic.x.com\/nTkZY4ldLl<\/a><\/td>\n<\/tr>\n

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Craig Shapiro<\/a><\/b><\/td>\n<\/tr>\n
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\u2066\u202a@LukeGromen\u202c\u2069<\/a> \u2066\u202a@AndreasSteno\u202c\u2069<\/a> Taiwan insurers own alot of USTs, possibly unhedged on Fx. <\/p>\n

Last week’s move in TWD wipes out a year of interest income. Something more sinister developing here ?<\/td>\n<\/tr>\n

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 great point…and interesting b\/c then what do they do…let TWD go on the upside (opposite of how lots of western specs are hedged), or do they buy more USTs to defend…but risk more downside as capital leaves US?<\/p>\n

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\u2066\u202a@ces921\u202c\u2069<\/a> \u2066\u202a@AndreasSteno\u202c\u2069<\/a> Really great point…and interesting b\/c then what do they do…let TWD go on the upside (opposite of how lots of western specs are hedged), or do they buy more USTs to defend…but risk more downside as capital leaves US?<\/td>\n<\/tr>\n
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Sent<\/a><\/div>\n<\/div>\n<\/div>\n

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30A Macro<\/a><\/b><\/td>\n<\/tr>\n
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\u2066\u202a@LukeGromen\u202c\u2069<\/a> \u2066\u202a@ces921\u202c\u2069<\/a> \u2066\u202a@AndreasSteno\u202c\u2069<\/a> Repatriation can tip credit markets. One large Japanese bank I know well only buys BBB- and higher, 5.5 years or less corp credit and rolls monthly usdjpy forwards. Think massive Japanese bank and their footprint in that particular segment of the market is utterly massive. And<\/td>\n<\/tr>\n
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Sent from my iPhone<\/a><\/div>\n<\/div>\n<\/div>\n

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