2012.05.28 04:14:51 MARKET TALK: USD/HKD Steady; May Test 7.7580 Near-Term - Trader

0214 GMT [Dow Jones] The USD/HKD is rangebound, trading at 7.7620 vs 7.7624 late Friday in Asia, but the pair's downward bias remains as investors continue to shift their funds from the CNH, or offshore CNY, to the HKD, says a trader at an Australian bank. "(Offshore) yuan funds are parking their money in Hong Kong dollars, as the city's currency can be more easily converted." He tips the pair to test 7.7580 in the near term. (fiona.law@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires May 27, 2012 22:14 ET (02:14 GMT)