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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 13, 2019

Overnight Changes in Major Currencies (9am PST)


United States (US): Trump and Beijing Officials Announce Tariff Rollback Deal, Farm Purchases Unclear; Import Prices Rise 0.2% in November

President Trump and Chinese officials said Friday that they have agreed to a “phase one” trade deal that included cutting US tariffs on Chinese goods. But they offered no specific details on the amount of US agricultural goods Beijing had agreed to buy, a key sticking point of the lengthy deal negotiations. “We have agreed to a very large Phase One Deal with China,” Trump said. Officials in China have “agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more,” he said. The US has agreed to suspend tariffs on $160 billion in Chinese goods due to go into effect on Dec. 15, Trump said, and cut existing tariffs to 7.5%. 12/13/2019 - 07:31 AM (REUTERS)

Import prices rose by 0.2% in November after falling by 0.5% in October. Prices for fuel imports soared by 2.6% in November following a 2.5% nosedive in October, partly reflecting a 48.5% spike in natural gas prices. Excluding fuel prices, import prices edged down by 0.1% in November after dipping by 0.2% in October. The continued decrease in non-fuel import prices reflected falling prices for capital goods and foods, feeds, and beverages. Export prices also edged up by 0.2% in November after slipping by 0.1% in October. The uptick in export prices came as prices for agricultural exports surged up by 2.2% in November after jumping by 1.7% in October. Import prices and export prices in November were both down by 1.3% compared to the same month a year ago. 12/13/2019 - 09:27 AM (RTTNews)


United Kingdom (UK): Johnson Secures Biggest Conservative Party Election Win Since 1987

British Pound traded at 1.3341 against USD at 9:00 am PST.

PM Johnson will retain power with a thumping majority after his Conservative Party secured its best election result since 1987. The Conservatives now have 365 parliamentary seats, a majority of 80 in the House of Commons. The result, which proved even more decisive than pollsters had forecast, follows a bitterly-fought and divisive election campaign. “We will get Brexit done on time by the 31st of January, no ifs, no buts, no maybes,” Johnson said. 12/13/2019 - 09:05 AM (CNBC)

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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