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    • Daily FX Update

    Dollar and equities higher as markets digest Fed decision, Bank of England disappoints

    Scott Petruska Headshot
    Scott Petruska
    • November 4, 2021

    The dollar is broadly higher, global equities are in the green, and bond yields are lower as markets digest yesterday’s Fed meeting. The Fed met expectations of tapering its bond buying program but did not signal any rush to hike benchmark interest rates despite high inflation. The UK pound dropped 1% and to its lowest level in a month after the BoE surprised in keeping its benchmark rate unchanged, citing slowing growth over inflation concerns. Solid corporate earnings in Europe pushed equities to fresh record highs. Oil and gold are both higher. Happy Diwali 2021.

    “Happiness can be found, even in the darkest of times, if one only remembers to turn on the light.”

    J.K. Rowling
    • FX Rates
      November 4, 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/USD1.1555
      GBP/USD1.3528
      USD/CAD1.2423
      AUD/USD0.7406
      USD/JPY131.58
      USD/CNH6.3949
      USD/ILS3.1164
      USD/MXN20.5537
      USD/CHF0.9139
      USD/INR74.4563
      USD/BRL5.6003
      USD/SGD1.3513
      USD/DKK6.4373
      USD/SEK8.5703
      USD/NOK8.5302

    • USD

      The dollar is higher across the board, even as markets adjust to the slightly less hawkish Fed, and in light of the ECB, BOE, and BOJ all remaining in the dovish camp. Traders are now focused on tomorrow’s US jobs data.

      GBP

      The Bank of England surprised markets by not hiking its benchmark rate as expected. Seven of the nine BOE voting members voted to keep rates steady, but the central bank said it would probably have to raise rates “over the coming months” if the economy performed as expected. The UK pound fell by nearly 1%, and is the worst performing G-10 currency overnight.

      EUR

      The euro is nearly 0.5% lower, in line with the broadly stronger USD. ECB President Christine Lagarde said yesterday that the ECB was “very unlikely” to hike rates next year, emphasizing that high inflation is temporary, and mostly due to excessive post-pandemic demand.

      CAD

      The Canadian dollar is weaker by 0.3% overnight amid a broadly stronger US dollar, and despite a rally in oil prices. OPEC meets today, and traders expect them to keep output steady, and not respond to pressure by President Biden to “pump more oil.” USD/CAD is trading near the middle of a 1.23-1.25 range in place since mid-October.

      ASIA/PACIFIC

      The Japanese yen and Chinese yuan moved little overnight amid a lack of local economic news.

    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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     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.

    Scott Petruska
    WRITTEN BY
    Scott Petruska
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