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Foreign Exchange Market Update

March 26, 2015

Indicative Interbank spot sell rates only as of 10:25 AM PST.
 
PLEASE CALL THE FX DEPARTMENT AT (626) 279-3235 FOR THE MOST CURRENT RATE
 
AUD/USD----0.7838
NZD/USD----0.7589
EUR/USD----1.0899
GBP/USD----1.4861
USD/CHF----0.9616
USD/JPY----119.06
USD/CAD----1.2465
USD/TWD----31.191
USD/CNY----6.2109 (onshore)
USD/HKD----7.7529
USD/SGD----1.3690
 
The dollar traded near $1.10 versus the euro as disappointing economic data encouraged investors to adjust their outlooks after last week’s Federal Reserve meeting. A U.S. report on Wednesday showed orders for durable goods declined in February, further damping demand for the currency after it slid the most in more than three years last week as the Federal Open Market Committee cut projections for future rates, inflation and growth. The dollar was little changed at $1.0964 per euro as of 9:08 a.m. in Tokyo after weakening 0.4 percent on Wednesday. It was unchanged at 119.49 yen after dropping 0.2 percent in New York.
 
The pound fell 0.2 percent to $1.4848. Earlier, it gained as much as 0.8 percent to $1.4994, before weakening by as much as 0.5 percent. Sterling strengthened 0.3 percent to 73.53 pence per euro, snapping four days of declines. Central-bank policy maker David Miles said Wednesday the next move in borrowing costs will “more likely than not” be an increase, and that there’s no sign of persistent underlying deflation pressure. U.K. retail sales including auto fuel rose 0.7 percent in February, following a revised 0.1 percent increase in the previous month. Economists forecast a 0.4 percent gain.
 
Bank of Canada Governor Stephen Poloz said he’s more comfortable his January interest-rate cut is aiding an economic recovery that will revive by mid-year, supported by easier financial conditions and stabilizing oil prices. The Canadian dollar pared losses after Poloz’s remarks, trading at C$1.2465 against its U.S. counterpart at 12:10 p.m. Statistics Canada will report January gross-domestic product figures on March 31, and two days later international trade data for February.
 
The Aussie was at 78.25 U.S. cents at 1:44 p.m. in Sydney on Thursday. It has climbed 2.3 percent over the past week as the U.S. dollar declined against all of its 10 major counterparts. The Reserve Bank of Australia is losing the global currency war and investors are betting it will have to cut interest rates as soon as next month to rein in the Aussie. The RBA unexpectedly left its benchmark unchanged this month amid risks the housing market may overheat on demand by property investors.
 
With the world’s first major new multilateral development bank in a generation, China has the opportunity of crafting a fresh approach to an old challenge -- how to channel funds to the most productive projects, in the least time, while maintaining a likelihood of repayment. By lining up the support of more than 30 nations, and securing a pledge of cooperation from the five-decade-old Asian Development Bank, China has quickly built credibility for its $100 billion Asian Infrastructure Investment Bank. China plans to push for the Yuan to take prominence in projects under the AIIB and the Silk Road Fund as it seeks broader global use of its currency.



This market update is prepared by Cathay Bank for informational purposes only and does not constitute any form of legal, tax or investment advice, nor should it be considered an assurance or guarantee of future exchange rate movements or trends. This information is provided without regard to the specific objectives, financial situation or needs of any recipient. Cathay Bank does not make any representations or warranties about the accuracy, completeness or adequacy of this market update.
 

 

 

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