Pacific Exchange Rates Report for August 19th - 23rd
By: Thea Kageleiry, The Quinnipiac University Economics Research Team
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.
Throughout the week of August 19th to 23rd, all four Pacific currencies experienced an overall decrease. The New Zealand dollar (blue) dropped by about 1.6% before recovering slightly by the end of the week, with a total change of approximately 1.3%. The Australian dollar (green) and Japanese yen (maroon) exhibited similar patterns, decreasing before spiking up just before Friday. The South Korean won (red) stood out, showing a sharper decline early in the week, then briefly recovering midweek before plunging again by the end, with a total decrease of more than 2%.
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.
Most of the exchange rates have been on a steady decline over the past month, with the Japanese yen (JPY) experiencing a downturn for nearly six weeks. This past week, each of the Pacific currencies saw a slight spike in the middle or toward the end of the week before resuming their general downward trend. Additionally, the Australian dollar (AUD), South Korean won (KRW), and New Zealand dollar (NZD) all hit new lows not seen in many months, and they appear to be continuing in a negative direction. It will be interesting to see how they rebound in the coming weeks.
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