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    • FX Update

    Fed and BoE raise rates and oil rebounds

    • March 17, 2022

    The markets reacted to both the Fed and the BoE raising interest rates by 25 basis points. Fed Chair Powell signaled that there could be as many as 6 additional rate hikes this year. Investors factored a 40% chance of a 50-basis point increase from the BOE, but the BOE favored a 25 basis point increase. Investors are looking to the next meeting in May where they expect another increase. Oil prices rebounded for the first time in the past three sessions lifting commodity currencies. 

    “Hope is being able to see that there is light despite all of the darkness.”
    Desmond Tutu
    • FX Rates
      March 17, 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/USD1.1050
      GBP/USD1.3111
      USD/CAD1.2666
      AUD/USD0.734
      USD/JPY118.76
      USD/CNH6.3629
      USD/ILS3.238
      USD/MXN20.6341
      USD/CHF0.9395
      USD/INR75.8050
      USD/BRL5.0993
      USD/SGD1.3555
      USD/DKK6.7365
      USD/SEK9.4627
      USD/NOK8.8448

    • USD
      The Federal reserve raised interest rates by 25bps in yesterday’s meeting. Powell highlighted the need for price stability. While the 25 basis point increase will do little to slow rising inflation immediately, the Fed signaled that there could be up to six more rate hikes this year. Since the announcement, USD has been weaker against its peers as a general selloff was seen in the markets.
      GBP
      The BoE raised its rates by 25 basis points this morning. This marked the third rate hike in a row for the BOE. The vote distribution for the increase was 8-1 where only one member of the Monetary Policy Committee opted for a 50 basis point increase. After the announcement of the increase GBP/USD rates fell to $1.31.
      EUR
      The European Central Bank’s President Lagarde stressed ability to increase rates as needed as the initial hopes of a ceasefire in Ukraine seems increasingly unlikely. European equities are down slightly on the day, reacting to the Kremlin’s position on no new peace talks. EUR/USD climbed to a two-day high of 1.1060.
      CAD
      The Canadian dollar advanced along with several other G-10 currencies over a generally weaker USD. Crude oil prices rebounded for the first time in four sessions buoying the loonie. WTI Crude Oil climbed 5% with prices around $100 a barrel.
      ASIA/PACIFIC

      The Aussie dollar is the strongest of the G10 currencies heading into the trading day, which was driven by rising commodity prices, and jobs data beating expectations. AUD/USD rates have climbed to 0.7340.

    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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