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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.

September 17, 2021

Overnight changes in major currencies (9:00 a.m. PST)

 

United States (US): Consumer Sentiment Rebounds Less Than Expected in September

Consumer sentiment in the US has seen a modest improvement in September after falling sharply in August. The consumer sentiment index inched up by 71.0 in September from 70.3 in August. The modest increase came after the consumer sentiment index tumbled to its lowest level since December of 2011 in the previous month. The uptick by the headline index came as the index of consumer expectations crept up to 67.1 in September from 65.1 in August. The current economic conditions index edged down to 77.1 in September from 78.5 in August. One-year inflation expectations inched up to 4.7% in September from 4.6% in August, while five-year inflation expectations were unchanged at 2.9%. 09/17/2021 - 07:14 AM (RTTNews)

 

European Union (EU): Eurozone Inflation Accelerates as Estimated in August

Euro traded at 1.1728 against USD at 9:00 am PST. 

Eurozone inflation accelerated as initially estimated in August to a near decade high. Inflation rose to 3% in August from 2.2% in July. This was the highest since November 2011 and also exceeded the ECB’s 2% target. Core inflation advanced to 1.6% from 0.7% in July. According to the latest ECB staff projections, released early this month, inflation will rise to 2.2% this year before slowing to 1.7% in 2022. 09/17/2021 - 03:40 AM (RTTNews)

 

United Kingdom (UK): Inflation Expectations Rise in August

British Pound traded at 1.3744 against USD at 9:00 am PST.

Britons' inflation expectations for the coming year increased in August. Inflation for the coming year was seen at 2.7% versus 2.4% in May. Inflation expectations for the twelve months after that climbed to 2.2% from 1.9%. For the longer-term, say in five years' time, inflation is expected to rise to 3% from 2.7%. Expectations remained above the central bank's inflation target of 2%. By a margin of 46% to 13%, survey respondents believed that the economy would end up weaker, rather than stronger, if prices started to rise faster. This compares with margins of 41% to 13% in May. 09/17/2021 - 05:15 AM (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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