The Hong Kong dollar touches a fresh 33-year low against the dollar
The pair is now trading at 7.8490. The top of the trading band where the HKMA allows the pair to trade is 7.8500.
In essence, we're pretty much at the top since the pair is not likely to touch that figure level unless the HKMA doesn't do its job. They already tried to jawbone the HKD higher yesterday here.
If you look back at the EUR/CHF trading band in November 2014, the pair traded around 1.2009-1.2011 levels (yes, 2 pips range and I was jobbing the pair on that) for a couple of weeks even though the floor was set at 1.2000 - before the SNB fiasco happened.
So, figuratively we're pretty much at the peak already.
