Convert USD to HKD
Owing to the HKMA pegging the value of the HKD to the USD, the Hong Kong dollar does not enjoy correlations with any other currencies worldwide, and its value is solely influenced by changes to the value of the US dollar.
The USD/HKD currency pair's exchange rate experiences fluctuations whenever the Fed makes changes to its monetary policy or interest rates. For instance, if the Fed cuts interest rates or turns dovish in its monetary policy, the value of the USD dips, affecting the exchange rate of the USD/HKD until the HKMA steps in with countermeasures to stabilize the HKD.
The Hong Kong dollar experiences some fluctuations on the release of key economic data from Hong Kong, including GDP, unemployment rate, inflation, trade balance, current account, retail sales and foreign exchange reserves.