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Foreign Exchange Market Update

July 31, 2015

Indicative Interbank spot sell rates only as of 8:30 AM PST.

PLEASE CALL THE FX DEPARTMENT AT (626) 279-3235 FOR THE MOST CURRENT RATE

AUD/USD----0.7360
NZD/USD----0.66652
EUR/USD----1.1065
GBP/USD----1.5660
USD/CHF----0.9618
USD/JPY----123.72
USD/CAD----1.3001
USD/TWD----31.609
USD/CNY----6.2096 (onshore)
USD/HKD----7.7489
USD/SGD----1.3660
USD/MXN----16.0178


The U.S. dollar dropped the most since early June after a report showed U.S. wages rose last quarter at the slowest pace on record, weakening the case for the Federal Reserve to increase interest rates in September. The U.S. Dollar Spot Index dropped 0.5 percent to 1,204.57 as of 11:05 a.m. in New York, reaching the biggest decline since June 10.
 
British pound advanced 0.7 percent versus the dollar and made gains against most of the currencies of the U.K.’s developed-market peers. The British pound added 0.1 percent to $1.5620 on Friday as of 3:29 p.m. London time, as the U.S. dollar weakened after wages and salaries in the U.S. rose at the slowest pace on record in the second quarter. British pound depreciated 1.2 percent to 70.91 pence per Euro versus Thursday, erasing its weekly gain, as core inflation in the Euro area unexpectedly accelerated to the fastest in 15 months.
 
The euro-area inflation rate held steady in July; core inflation unexpectedly accelerated to 1 percent, the fastest in 15 months. The Euro was up 0.3 percent at $1.0964 as of 10:40 a.m. London time.
 
The biggest victims of the U.S. dollar’s renewed strength have been the currencies of commodity-exporting nations. The Australian, Canadian and New Zealand dollars are the worst performers among developed-market currencies since mid-May, when the U.S. currency started its rebound. A gauge of the U.S. currency climbed to the highest since March on Thursday after the Federal Reserve moved a step closer to raising interest rates. The New Zealand dollar, tumbling 12 percent since mid-May to 65.55 U.S. cents at 6:41 a.m. New York time. It fell 0.7 percent Friday as a measure of New Zealand’s business confidence unexpectedly slumped to a six-year low. The New Zealand’s central bank last week cut interest rates for the second time since June 10. The Australian dollar slid about 10 percent since May 15 to 72.56 U.S. cents and 8.19 per dollar. The Canadian dollar fell 8 percent to C$1.3037 per dollar.
Asian currencies weakened the most in 10 months in July as slowing economic growth and the prospect of higher U.S. interest rates spurred outflows. China yuan fell 0.14 percent in July, its biggest monthly loss since February, after the State Council said last week that the nation will make the currency more flexible.


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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