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    • Foreign Exchange Advisory
    • FX Update

    Dollar steady while risks of correction loom

    • June 28, 2022

    The dollar is stronger versus most of its peers regardless of many institutions joining recent bets to profit from a dovish shift in Fed policy. The euro gave back earlier gains resulting from the development of an anti-crisis tool by the ECB and a speech by President Lagarde. A spotlight is on the Canadian dollar this morning as PM Trudeau indicated expansion of energy infrastructure.

    “We aim above the mark to hit the mark.”

    Ralph Waldo Emerson
    • FX Rates
      June 28, 2022

      Rates 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/USD1.0517
      GBP/USD1.2208
      USD/CAD1.2855
      AUD/USD0.6932
      USD/JPY136.17
      USD/CNH6.7098
      USD/ILS3.4346
      USD/MXN19.9615
      USD/CHF0.9569
      USD/INR78.7863
      USD/BRL5.2044
      USD/SGD1.3876
      USD/DKK7.0738
      USD/SEK10.1244
      USD/NOK9.8117

    • USD

      The Bloomberg Dollar Index, a gauge which tracks the performance of ten leading global currencies vs. the USD, is higher despite recent speculation of a slowdown in the US on higher interest rates. Fed officials have emphasized that inflation is the driver of policy going forward and Treasury yields responded overnight but pared off through the Asian session.

      GBP

      GBP is weaker on overall US dollar strength and the UK government passed the first stage of abandoning parts of the Northern Ireland Protocol, an element of the Brexit deal which has and will continue to undermine the pound.

      EUR

      The euro reversed earlier momentum on positive reports of an ECB plan to drain cash from the banking system to offset bond purchases made to confine borrowing costs for euro members. Hawkish comments by Governing Council member Martin Kazaks were neutralized by ECB President Lagarde vowing nimble policy.

      CAD

      The loonie is on course for its strongest level against the dollar in two weeks as German leaders indicated hopes to shift its energy reliance towards Canada. PM Trudeau indicated that Canada may expand its energy infrastructure to support Europe.

      ASIA/PACIFIC

      The yen strengthened early along with Treasuries as recession fears encouraged demand for haven assets, but risk bias reversed, along with the currency, after the London session began.

      The AUD gains after China cut its mandatory quarantine period to 10 days from 3 weeks for inbound visitors in its most recent COVID-19 guidance.

    Contact Us

    For more analysis on FX markets or information regarding SVB's FX services:

    Contact your respective SVB FX Advisor or the SVB FX Advisory Team at GroupFXRiskAdvisory@svb.com.
    See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory

    Subscribe to receive FX updates to your inbox.

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    Please note that we will continue to send you communications that we need to send you (for example, to keep you updated on operational changes to your account, a product or a service) or that we are required to send you by law.

     Source: Bloomberg
     

    This article is intended for U.S. audiences only.

    ©2022 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

    The views expressed in this email are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates. This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by us and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

    Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal, accounting and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources.

    Insights from SVB Industry Experts

     
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