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    • Daily FX Update

    Concern for slowed growth supports haven currencies

    Cate Camerota Headshot
    Cate Camerota
    • August 16, 2021

    Data out of the US and China caused concerns of slowing growth which supported haven currencies. Later this week, the Federal Reserve will host a symposium at Jackson Hole. Commentary from Federal Reserve Chairman Powell regarding his views around strong employment data and any change to his previous standpoint that “substantial further progress” is still needed ahead of any bond tapering will be watched closely.

    Economic Data for this week: 

    Tuesday: US Retail Sales, UK Jobless Claims, Eurozone GDP

    Wednesday: Australian Unemployment, UK CPI

    Thursday: US Initial Jobless Claims

    • FX Rates
      August 16, 2021

      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/USD1.1782
      GBP/USD1.3858
      USD/CAD1.2561
      AUD/USD0.7330
      USD/JPY109.1300
      USD/CNH6.4769
      USD/ILS3.2182
      USD/MXN19.8553
      USD/CHF0.9120
      USD/INR74.2475
      USD/BRL5.2558
      USD/SGD1.3555
      USD/DKK6.3121
      USD/SEK8.6550
      USD/NOK8.8358

    • USD
      Data out of the US released on Friday showed a drop in consumer confidence. This resulted in a shift for global risk appetite as investors remain concerned about a growth slowdown. Safe haven currencies including the US dollar strengthened on the news.
      GBP
      The British pound remains largely unchanged versus the greenback as risk appetite for global markets wanes following data out of the US and China. A busy week of UK data is expected to impact sterling; focus will be on labor market report Tuesday, inflation data Wednesday and retail sales Friday.
      EUR
      One-month implied volatility for EUR/USD is at its lowest level since February 2020. This is signaling that traders are betting that volatility for the currency pair will stay low despite upcoming meeting for the Fed and the European Central Bank in September.
      CAD

      The Canadian dollar weakened versus the US dollar amidst lower commodity prices including oil. USD/CAD is trading about 0.3% higher, the largest gain in more than a week. WTI crude is down 1.75%.

      ASIA/PACIFIC

      The Japanese yen, along with other haven currencies, advanced as investors are concerned about slowed growth and ahead of the Federal Reserve’s symposium in Jackson Hole later this month.

    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 fxadvisors@svb.com.
    See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory

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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.

    Cate Camerota
    WRITTEN BY
    Cate Camerota
    • View Author Profile
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