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April 22, 2024
Euro traded at 1.0645 against USD at 9:00 am PST.
The government deficit to GDP ratio in the euro area dropped slightly in 2023, data from Eurostat showed. The data came in at 3.6% in 2023, which was down from 3.7% in 2022. However, it remained above the 3.0% threshold. On the other hand, the ratio in the E.U. rose to 3.5% from 3.4%. Further, data showed that the government debt to GDP dropped to 88.6% at the end of 2023 from 90.8% in 2022. In the E.U., debt to GDP slid to 81.7% from 83.4%. In 2023, all member states, except Cyprus, Denmark, Ireland, and Portugal reported a deficit. Meanwhile, Italy reported the highest deficit, followed by Hungary and Romania. Eleven member states had deficits higher than 3% of GDP. 04/22/2024 - 09:30:00 (RTTNews)
China Yuan traded at 7.2437 against USD at 9:00 am PST.
China left its benchmark lending rates unchanged as expected after the economy showed signs of improvement at the start of the year. At a monthly fixing on Monday, the People's Bank of China kept the one-year loan prime rate at 3.45%. Likewise, the five-year LPR, the benchmark for mortgage rates, was retained at 3.95%. Previously, the five-year LPR was lowered by 5 basis points in February to support the property market. The PBoC fixes the LPR monthly based on the submission of 18 designated banks. However, Beijing has influence over the fixing. The LPR replaced the traditional benchmark lending rate in August 2019. The unchanged rate decision came in line with expectations as the medium-term lending facility, which acts as a guide to loan prime rates. Data released last week showed that the second largest economy gained strength in the first quarter as strong exports on the back of a weaker currency helped to counteract the downturn in the property market. The GDP posted a faster growth of 5.3% after rising 5.2% in the previous quarter. Beijing aims to achieve a growth rate of about 5% in the whole year of 2024. 04/22/2024 - 03:27:00 (RTTNews)
Taiwan Dollar traded at 32.64 against USD at 9:00 am PST.
Taiwan's export orders increased in March after falling sharply in the previous month, according to data released by the Ministry of Economic Affairs. Export orders rose 1.2% in March, reversing a 10.4% plunge in February. Orders for electronic products grew the most by 12.0%, followed by optical, photographic, and cinematographic apparatus, which fell by 11.8%. Foreign orders for information and communication products advanced by 4.3%. On the other hand, orders for transport equipment were 16.8% lower compared to last year. Monthly, export orders jumped 25.0% in March. In New Taiwan dollar terms, export orders grew 5.0% annually and by 26.0% monthly in March. Separate official data showed that the seasonally adjusted jobless rate in the country remained stable at 3.40%. A year ago, it was 3.58%. 408,000 were unemployed in March, compared to 407,000 the previous month. 04/22/2024 - 04:52:00 (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.
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