April 21, 2017
Indicative Interbank spot sell rates only as of 9:00 AM PST.
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United Sates (US) Existing Home Sales rose by 4.4% in March to 5.71 million, compared with market expectations for an increase to 5.55 million. The prior month was revised down from 5.48 to 5.47 million. Home re-sales are now 5.9% above their year ago level but are 21.2% below their September 2005 record high. 42.5% of single family homes sold were priced in between 100k to 250k and 32.2% of single family homes sold were priced in between 250k to 500k. The Inventory of Homes Available for Sale rose by 5.8% to 1,830k but are still 6.6% below their year ago level. Home Prices rose compared to their year ago levels. Average home prices are 5.3% above their year ago levels while median home prices are 6.8% ABOVE their year ago levels.
Euro traded at 1.0702 against USD at 10:38 am PST. The flash Eurozone Markit PMI manufacturing index for April strengthened to 56.8 from the March reading of 56.2. This was above expectations of a figure of 56.0 and the strongest reading for six years. The services-sector index also strengthened to a six-year high of 56.2, although with only a limited advance from the March reading of 56.0 and marginally above consensus expectations. The composite output index strengthened to 56.7 from 56.4 previously, also the strongest reading for six years. There was further strong growth within the manufacturing sector at the strongest pace since March 2011 with export orders also at the strongest pace for six years, although there was a moderation in growth for services-sector orders.
British Pound exchange rate is 1.2797 against USD at 10:38 am PST. British retail sales posted their biggest quarterly fall in seven years during the first three months of 2017, as rising prices since last year's Brexit vote put more pressure on consumers. Retail sales volumes contracted 1.4% in the first quarter after rising 0.8% in the last three months of 2016. It was the biggest quarterly decline since the first quarter of 2010, and is likely to reinforce the view among many economists that household spending - the main driver of the economy - is now slowing sharply.
Canadian dollar traded at 1.3514 per USD at 10:38 am PST. Consumer price index (CPI) for March increased 0.2% from the previous month, compared to forecasts for a 0.4% rise and after a 0.2% increase in February. Year-on-year, CPI advanced 1.6% last month, compared to expectations for a 1.8% rise and an increase of 2.0% in February. Core inflation, which excludes food and energy, rose by 0.3% in March, after a previous gain of 0.4%. Year-on-year, core CPI advanced 1.3% in March, compared to a 1.7% increase in the previous month. The BoC’s next monetary policy announcement is scheduled for Wednesday, May 24.
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.