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Foreign Exchange Market Update

Foreign Exchange Market Update

Please call the FX Department at 626-279-3235 for the most current rate.

December 8, 2022

bar graph shows overnight changes in major currencies around the world


United States (US): Weekly Jobless Claims Edge Slightly Higher

First-time claims for US unemployment benefits edged slightly higher in the week ended December 3rd. Initial jobless claims increased to 230,000, an increase of 4,000 from the previous week's level of 226,000. The less volatile four-week moving average also ticked up to 230,000, an increase of 1,000 from the previous week's average of 229,000. Continuing claims also climbed by 62,000 to 1.671 million in the week ended November 26th. The four-week moving average of continuing claims also rose to 1,582,250, an increase of 43,250 from the previous week's average of 1,539,000. 12/08/2022 - 06:52AM (RTTNews)


United Kingdom (UK): Job Placements Fall Further on Candidate Shortage, Economic Uncertainty

British Pound traded at 1.2231 against USD at 9:00 am PST.

Labor shortage and economic uncertainty once again dragged permanent job placements in the UK, and rising inflation coupled with competition for workers continued to send the starting salaries higher. Permanent job placement decreased for a second month, albeit at a softer pace. At the same time, temp billings rose moderately, the KPMG/REC Report on Jobs, based on the responses of around 400 consultancy firms, revealed. Demand for both permanent and temporary staff increased in November. However, the increases were the slowest seen in both cases over the last 21 months. Pay pressures remained historically high due to the lack of workers and high inflation. Nonetheless, inflation rates for both starting salaries and temp wages eased again. The increase in candidate availability was the weakest since April 2021, with recruiters citing fewer foreign workers and a greater hesitancy among people to take up new jobs amid economic uncertainty as reasons for the current tight labor market situation. 12/08/2022 – 02:17AM (RTTNews)

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.

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