August 30, 2016
Indicative Interbank spot sell rates only as of 9:00 AM PST.
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United States (US) Case Shiller 20-City Home Price Index fell by 0.1% (seasonally adjusted) in June to 187.8, compared with market expectations for a decline of -0.1%. Home prices are 5.1% above their year ago level. Nationwide home prices are still 9.2% below their April 2006 peak. On a non-seasonally adjusted basis, the home price index rose by 0.8% on the month. New York had the smallest year-over-year increase at 1.9% while Portland had the largest year-over-year increase at 14.3%.
Australia’s dollar traded at 75.12 U.S. cents at 10:18 AM PST and New Zealand dollar traded at 72.18 U.S. cents. ANZ-Roy Morgan Australian Consumer Confidence fell 2.8% to 118.4 this week. Looking through the weekly volatility, confidence remains on a clear upward trend, with the headline index up 1.9% m/m in August. On another note, the total number of building permits issued in New Zealand plummeted a seasonally adjusted 10.5% on month in July coming in at 2,811. That follows the 16.3% spike in June. In the year to July, there were 29,084 new dwellings consented - up 13% on year.
Euro traded at 1.1152 against USD at 10:18 am PST. Germany’s import price index fell less-than-expected in the last month, index fell to a seasonally adjusted 0.1%, from 0.5% in the preceding month. Analysts had expected German Import Price Index to fall to -0.1% in the last month. On another note, Germany's Federal Statistical Office reported that August year over year CPI (Consumer Price Index) was 0.4% versus 0.4% in July. On the month CPI was flat versus 0.3% in July. Germany's Harmonized Index of Consumer Prices (HICP) was minus 0.1% in August versus 0.5% in July. Year over year HICP slowed to a rise of rise of 0.3% versus 0.4 in July.
Japanese Yen traded at 103.01 per USD at 10:19 am PST. Japan's seasonally-adjusted unemployment rate of 3%, down from 3.1% in June, is just above what authorities would consider full employment. On another note, retail sales in Japan fell 0.2% on year in July. That beat forecasts for a decline of 0.9% following the upwardly revised 1.3% contraction in June (originally -1.4%). On a monthly basis, retail sales jumped 1.4% - beating forecasts for 0.8% and up from 0.3% a month earlier. Prime Minister Shinzo Abe's ambitious reform agenda, dubbed Abenomics, has introduced huge stimulus packages to try to revive the economy.
Canadian dollar traded at 1.3068 per USD at 10:19 am PST. Canada’s current account balance fell less-than-expected last month. In a report, Statistics Canada said that Canada’s current account balance fell to a seasonally adjusted -19.9B, from -16.6B in the preceding month whose figure was revised up from -16.8B. Analysts had expected Canada’s current account balance to fall -20.5B last month. On another note, Canada’s Industrial Product Price Index rose to 0.2%, from 0.7% in the preceding month whose figure was revised up from 0.6%. Analysts had expected Canada’s Industrial Product Price Index to fall -0.1% last month.
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.