Pacific Exchange Rates Report for November 10th – 14th

By: Patrick Gorman, The Quinnipiac University Global Economics Research Team

Pacific Currencies Index

Source: Eurostat 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 November 10^th – November 14^th, at the start of the week the Australian Dollar (green), Korean Won (red), and New Zealand Dollar (blue) all experienced declines while the Japanese Yen (maroon) strengthened. Midway into the week the Korean Won (red) bounced back into the positives and then at the end of the week it dipped back down and ended just over .5% down. The Australian Dollar (green) and the New Zealand Dollar (blue) continued to decline throughout the week with the Australian Dollar (green) ended down about .7% and the New Zealand Dollar (blue) ended down about 1.2%. The Japanese Yen (maroon) steadily increased throughout the week and even with a slight decline to close out the week the Yen ended .5% stronger.

Pacific Historical Trends

Source: Eurostat 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 November 10^th – November 14^th, The Japanese (JPY) pushed to new 3 month highs after a strong week. The Korean Won (KRW) pushed up it’s three month high, but ultimately fell in the later parts of the week and ended just below the three month high that it had set. The New Zealand Dollar (NZD) stayed around the high levels it reached earlier in the month while still staying above previous months levels. The Australian Dollar (AUD) dipped back down to where it was earlier in November and in late September.

Additional Reading

Yen on back foot as Japan PM touts slow rate hikes, Aussie rises after jobs data

This article talks about how recent jobs data has affected the recent moves in the Australian Dollar. It also talks about recent data in Japan and how that has impacted the movements in Japanese Yen.