Dollar rose significantly versus most peers accelerating greatly versus the euro and Nordic currencies amid broad risk-off sentiment. Gas prices in Europe are surging due to a worker strike in oil fields in Norway sending area currencies lower versus the dollar.
Key events/data releases this week:
Tuesday: May durable goods & Factory Orders, CA Building Permits, RBA Interest rate decision
Wednesday: GE Factory Orders, ECB non-monetary policy meeting, EUR retail sales
Thursday: GE Industrial Production
Friday: ECB meeting minutes, ADP non-farm employment
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FX Rates
July 5, 2022Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.
EUR/USD 1.0264 GBP/USD 1.1950 USD/CAD 1.3020 AUD/USD 0.6771 USD/JPY 135.79 USD/CNH 6.7220 USD/ILS 3.5292 USD/MXN 20.5311 USD/CHF 0.9677 USD/INR 79.35 USD/BRL 5.3959 USD/SGD 1.4066 USD/DKK 7.2510 USD/SEK 10.5245 USD/NOK 10.0770
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USD
Dollar trades at the highest level since March of 2020 rising 0.8% overnight. Global growth concerns, surging gas prices, buoy the currency. May durable goods and factory orders are due out this morning.
GBPSterling slid 1.1% versus the dollar below 1.20 on cross-related selling and surging gas prices. 1.20 options expire later this week.
EUREuro fell below the 1.03 handle to the lowest level in 20 years on concerns that the economy might not support interest rate hikes. Soft French PMI put pressure on the common currency.
CADCanadian dollar dropped versus the greenback despite crude prices increasing on overall risk-off sentiment. USD/CAD levels rose 0.8% to just below 1.30.ASIA/PACIFICUSD/JPY is up 0.2% and hanging below the 136 level as 2-year treasury yields advance.
US and Chinese officials discussed economic sanctions and tariffs imposed by the previous administration. Biden is looking to ease trade levies on imported good in the hopes of effecting consumer prices in the US.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange-advisory
| Source: Bloomberg | |
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