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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 16, 2021

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


United States (US): Retail Sales Unexpectedly Rebound in August Amid Spike in Online Spending; Weekly Jobless Claims Rebound from Pandemic-Era Low

Retail sales climbed by 0.7% in August after plunging by 1.8% in July. The unexpected increase in retail sales came despite a continued nosedive in sales by motor vehicle and parts dealers, which tumbled by 3.6% in August after plummeting by 4.6% in July. Excluding sales by motor vehicle and parts dealers, retail sales surged up by 1.8% in August after falling by 1.0% in July. 09/16/2021 - 06:53 AM (RTTNews)

First-time claims for US unemployment benefits rebounded by slightly more than expected in the week ended September 11th. Initial jobless claims climbed to 332,000, an increase of 20,000 from the previous week's level of 312,000. The modest increase came after initial jobless claims fell to their lowest level since March of 2020 in the previous week. The less volatile four-week moving average edged down to 335,750, a decrease of 4,250 from the previous week's average of 340,000. With the modest decrease, the four-week moving average fell to its lowest level since hitting 225,500 in the week ended March 14, 2020. Continuing claims also slid by 187,000 to a new pandemic-era low of 2.665 million in the week ended September 4th. 09/16/2021 - 06:15 AM (RTTNews)


European Union (EU)

Euro traded at 1.1758 against USD at 9:00 am PST. 


Germany: DIW Berlin Cuts Germany's Growth Outlook for This Year, Upgrades 2022 Forecast

The DIW Berlin lowered its Germany growth projection for this year, citing supply bottlenecks and material shortages, but raised the outlook for next year. The largest euro area economy is forecast to grow 2.1% in 2021, down from the previous outlook of 3.2%. However, experts of the think tank expect the economy to pick up speed in 2022 once bottlenecks have been overcome and infection rates have fallen on a sustained basis. As such, experts lifted their outlook for next year to 4.9% from 4.3% seen in June. Further, DIW said temporarily high inflation is no reason for concern. 09/16/2021 - 08:33 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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