Foreign Exchange Market Update
March 28, 2017
Indicative Interbank spot sell rates only as of 9:00 AM PST.
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United Sates (US) home price gains reached a 31-month high in January, according to the S&P/Case-Shiller U.S. National Home Price Index. The index, which measures all nine U.S. census divisions, found that home prices rose 5.9% year-over-year in the month, up from December's 5.7% annual gain. The S&P/Case Shiller 20-city composite index, which tracks the nation's largest cities, gained 5.7% year-over-year in January, up from 5.5% the previous month.
Australia’s dollar traded at 76.38 U.S. cents at 11:41 AM PST and New Zealand dollar traded at 70.17 U.S. cents. Australia's consumer confidence improved during the week ended March 26, after declining in the previous three weeks. The consumer confidence index climbed by 1.6% to 113.8 from 112.0 in the preceding week. Households' views of the 12-month outlook rose 2.7%, reversing a 3.3% fall in the previous week. However, their current finances fell slightly by 0.9%, while the future finances index grew at a solid rate of 3.0%.
Euro traded at 1.0806 against USD at 11:41 am PST. Eurozone money supply growth eased for the second straight month in February. The broad money measure, M3, rose 4.7% year-over-year in February, slower than the 4.8% climb in January, which was revised down from 4.9%. Economists had expected a 4.9% growth for the month. Within M3, the annual growth rate of deposits placed by households stood at 5.4% in February, down from 5.5% in January. At the same time, deposits placed by non-monetary financial corporations registered a decline of 2.0%.
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 situations or needs of any recipient. Cathay Bank does not make any representations or warranties about the accuracy, completeness or adequacy of this market update.