April 25, 2018
Indicative Interbank spot sell rates only as of 9:00 AM PST.
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United States (U.S.): Total mortgage application volume fell 0.2% for the week and was 0.8% lower than a year ago. The stall was equal for refinance and purchase applications, even though the former is far more rate sensitive. Applications to refinance a home loan fell 0.3% last week and were 16% lower than a year ago. The refinance share of applications fell to 37.2% of all applications. Mortgage applications to purchase a home were unchanged for the week but 11% higher than a year ago. Homebuyers are less concerned about interest rates than they are about finding a home to buy. Demand is incredibly high, and even though more listings are coming on the market this spring, they are not enough to satisfy it. This dynamic is pushing home prices to new record highs and sidelining those buyers who are seeing entry-level homes.
Euro traded at 1.2213 against USD at 12:10 pm PST. France consumer confidence improved unexpectedly in April. The consumer sentiment index rose to 101 in April from 100 in March. The reading was expected to remain unchanged at 100. Households were almost as optimistic as in March about their expected financial situation. The balance on their expected saving capacity, came in at -9 versus -8 a month ago. Households' opinion on the unemployment trend was virtually stable in April. The index rose slightly to 4 from 3 a month ago.
Japanese Yen traded at 108.57 per USD at 12:10 pm PST. Japan's all industry activity rebounded at a slower than expected pace in February. The all industry activity index rose 0.4% month-over-month in February, reversing a 0.1% drop in January. That was just below the expected increase of 0.5%. Industrial production expanded 2.0% over the month, while construction activity index dropped by 0.3% and tertiary activity showed no variations. On a yearly basis, all industry activity growth eased to 1.1% in February from 1.8% in the prior 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.