EURHKD is a cross pair in which the euro serves as the base currency and the Hong Kong dollar as the quote currency.
The Euro is the official currency of most member states of the European Union and the second most traded currency in the world after the US dollar. The eurozone is a group of European states that use the euro as an official means of payment. Since the single European currency represents the economies of all countries in the Eurozone, its rate is influenced by the financial and political indicators of each country. When conducting a fundamental analysis of the currency, the economic indicators of Germany, France, Italy and Spain should be considered first as having the most weight in the eurozone economy.
The Hong Kong dollar is the official currency of Hong Kong and one of the most traded currencies in the world. The country's economy is based on the principles of free trade and low taxation. Hong Kong's most developed economic sectors are public services, trade and international tourism. Due to the scarcity of its own natural resources, Hong Kong imports a significant part of its products and raw materials.
Despite the absence of the US dollar in this pair, its influence on the EUR and HKD is great. Therefore, when conducting a EURHKD fundamental analysis, in addition to considering the economic data of the EU and Hong Kong, it is worth considering the main indicators of the US economy, namely, the size of the discount rate, GDP and inflation data, labor market indicators (unemployment rate, number of new jobs). The volatility of EUR/HKD is higher than average, so with an comprehensive approach to the pair analysis, you can successfully trade EUR/HKD, getting a high percentage of profit in a short time.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
