Skip to main content

Foreign Exchange Market Update

Foreign Exchange Market Update

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

January 31, 2023

bar graph shows overnight changes in major currencies around the world

 

European Union (E.U.): Eurozone GDP Unexpectedly Expands in Q4

Euro traded at 1.0864 against USD at 9:00 am PST.

The euro area economy posted an unexpected expansion in the fourth quarter, preliminary flash estimates released by Eurostat showed. GBP grew 0.1% sequentially after rising 0.3% in the third quarter. Economists had forecast the currency bloc to shrink by 0.1%. Yearly, the economy grew at a slower pace of 1.9%, following the third quarter's 2.3% growth. Nonetheless, the rate was slightly above economists' forecast of 1.8%. The EU27 GDP remained unchanged on quarter and expanded 1.8% from the last year. According to the first estimate of annual growth for 2022, the euro area expanded by, 3.5% and the EU27 grew by 3.6%. 01/31/2023 - 05:13:00 (RTTNews)

 

Germany: Unemployment Steady At 5.5%

Germany's unemployment rate remained unchanged at a low level at the start of the year despite showing signs of a recession, official data revealed. The unemployment rate held steady at 5.5% in January, the Federal Labor Agency reported. The rate also matched economists' expectations. The number of people out of work decreased unexpectedly by 22,000 in January after a drop of 13,000 in December. Economists had forecast an increase of 5,000. In seasonally adjusted terms, the number of unemployed rose to 2.6 million in January. 01/31/2023 - 06:57:00 (RTTNews)

 

Taiwan: Exports Orders Fall 23.2%

Taiwan Dollar traded at 30.031 against USD at 9:00 am PST.

Taiwan's export orders declined at a slower-than-expected rate at the end of the year, data from the Ministry of Economic Affairs showed. Export orders fell sharply by 23.2% year-on-year in December. Economists had expected a decline of 25.4%. Bookings for optical, photographic, and cinematographic apparatus decreased 40.9% annually in November, and those for plastics and related articles, rubber, and related articles fell 34.1%. Chemical orders slumped 29.4% and those for basic metals and articles thereof plunged 33.9%. Booking for machinery fell by 19.2%, and orders for electrical machinery products declined by 24.1%. Orders for transport equipment contracted by 6.3%. Bookings for others, and information and communication products decreased by 15.9% and 24.1%, respectively. Monthly, export orders increased by 4.1% in December. 01/31/2023 - 04:07:00 (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.

Cathay Bank

Email communication is not secure

Please do not include sensitive information such as account numbers or other personal information such as Social Security or Tax Identification numbers, driver’s license numbers, etc. in any email sent to us via this link.

Have a question?

Our specialists are happy to assist you with all your International Banking needs. Please reach out to our team for more information.