Hong Kong dollar steady, FOMC meeting eyed

The Hong Kong dollar ended little changed against the US dollar on Thursday after moving in a narrow range. The currency was trading at 7.8154/56 to the US dollar, barely changed from 7.8150/52 in late Wednesday trade in Asia.
"The market looks to be consolidating after the (USD/HKD) spot rate hit a high of 7.8170 in London trade overnight," said a dealer at a European bank, adding that the Hong Kong dollar weakened on Wednesday on interest rate arbitrage. The local currency is pegged at 7.80 to the US dollar, but can trade between 7.75 and 7.85. Hong Kong stocks rallied on Thursday, tracking a stronger Wall Street.