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    • FX Update

    Greenback weakens with cease fire talks; Oil prices continue slide

    • March 15, 2022
    The USD opened the day weaker relative to its G-10 peers. Although general risk-off sentiment continues, EUR/USD rates were buoyed by the continued hopes of a cease fire in the Ukrainian war. Oil prices continue to fall this week as Brent Crude prices dropped below $100 a barrel for the first time since February 28. With several central bank meetings this week, investors await the results from the Fed and the BOE. In both cases, a 25-basis point increase has already been priced into rates.
    "Adversity is an opportunity for heroism."
    Marv Levy
    • FX Rates
      March 15, 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/USD1.0986
      GBP/USD1.3075
      USD/CAD1.2823
      AUD/USD0.721
      USD/JPY118
      USD/CNH6.4066
      USD/ILS3.2829
      USD/MXN20.8761
      USD/CHF0.9397
      USD/INR76.6113
      USD/BRL5.1432
      USD/SGD1.3650
      USD/DKK6.7734
      USD/SEK9.5883
      USD/NOK8.9677

    • USD

      The greenback is trading lower than its peers ahead of the Fed’s policy meeting tomorrow. The DXY is down 0.35% on the day, as US equity futures are trading mixed. 

      GBP
      BOE announcement this Thursday is expected to result in another 25bps rate increase, with a chance of a 50bps rate hike. GBP/USD rates have started the trading day stronger on the backs of higher UK jobs data showing pre-pandemic levels of employment.
      EUR
      The euro continued is rally from last week as rates climbed to nearly $1.10 this this morning. Investors factor in possibility of a ceasefire as Eastern European leaders visit Kyiv.
      CAD
      The loonie was the only G-10 currency that weakened for the second day this week against the dollar. Oil prices continued to hit to new lows for the month with WTI crude futures down to $94.30 a barrel.
      ASIA/PACIFIC
      AUD/USD rates continued to fall to two-week lows with rates near the 0.7200 mark. Reports from China on rising cases of the Covid-19 virus and a sell-off in Chinese equities has pressured the Aussie dollar.

      The Japanese yen lost against the dollar this week as the market has already priced in at least a 25-basis point increase for US rates. Japanese investors are large purchasers or US Treasury securities.  Higher interest rates in the US tend to lift the dollar relative to the yen.
    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/foreign-exchange-advisory

    Subscribe to receive FX updates to your inbox.


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     Source: Bloomberg
     

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

    ©2023 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.

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