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  • QU Economics Research Team

Pacific Exchange Rates Report for January 8 – 12   


Pacific Currencies Index 



Source: Yahoo Finance and own calculations. Exchange rates are inverted to be USD per local currency (i.e., an increase indicates a stronger domestic currency) and then indexed to be 100 at the start of the period. 


For the week of January 8th - 12th, most currencies exhibited significant fluctuations against the USD. The Japanese yen (Maroon) stood out as the most volatile, with a nearly 1% fluctuation in value before closing down 0.2% by the end of the 12th. Similarly, the South Korean won (Red) initially dropped just over 0.6% by midweek but rebounded with a late rally, ultimately weakening by only 0.1% against the USD. The New Zealand dollar was the exception, moving only 0.3% throughout the week and strengthening just under 0.2%. Finally, the Australian dollar (Green) weakened by 0.1% after a relatively uneventful week. Although no currency experienced a major gain or loss by the week's end, it became evident that no currency has yet found a level at which it feels comfortable trading.

 

Pacific Historical Trends 



Source: Yahoo Finance and own calculations. Exchange rates are inverted to be USD per local currency (i.e., an increase indicates a stronger domestic currency. The center line is a rolling three-month average. The upper and lower boundaries are the average plus and average minus one standard deviation, respectively, for the same three-month period. 


For the week of January 8th - 12th, there were varied performances in the three-month rolling average. The yen (JPY) continued its decline, wiping out several weeks' worth of gains in half the time. Simultaneously, the Australian dollar (AUD) experienced depreciation, briefly dipping just below the upper mark after consistently hovering just above it for multiple weeks. The kiwi (NZD), on the other hand, maintained its position just in line with the upper bound, showcasing relative consistency well above its three-month average. In contrast, the South Korean won (KRW) fell below the rolling three-month average for the first time in nearly a month after declining for consecutive weeks. All currencies persist in significant movements as the effects of the months-long rally wear off.

 

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