The dollar begins the short week higher in the wake of disappointing jobs data and as Goldman Sachs group cuts its 2021 growth forecast citing lower consumer spending and the rise of the delta variant.
Weekly economic data:
Tuesday: RBA Rate decision, German Zew, Eurozone GDP
Wednesday: US Mortgage Applications, BoC Interest rate, JOLTS job openings
Thursday: ECB Rate decision
Friday: UK Industrial Production, US PPI
-
FX Rates
September 7, 2021Rates 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/USD 1.1845 GBP/USD 1.3776 USD/CAD 1.2597 AUD/USD 0.7391 USD/JPY 110.16 USD/CNH 6.4606 USD/ILS 3.2028 USD/MXN 19.9309 USD/CHF 0.9162 USD/INR 73.4125 USD/BRL 5.1699 USD/SGD 1.3454 USD/DKK 6.2771 USD/SEK 8.8653 USD/NOK 8.6690
-
USD
The dollar rises for a second day amid thin holiday trading and after Friday’s disappointing jobs data. Bond yields rise and commodity prices soften as reflation bets ease. Enhanced unemployment benefits expired yesterday. Pres. Biden is increasing pressure on Congress for any progress on the $4T infrastructure bill.
GBPThe pound slid 0.5% lower following PM Johnson’s proposal for a 14B tax hike. Brexit continues to weigh on the currency as the UK prepares to extend Northern Ireland’s grace periods.
EUREuro starts the week slightly lower. Data out of the eurozone saw GDP grow 2.2% in Q2. Overall GDP is 2.5% below pre-pandemic level for Q4 2019. German ZEW economic sentiment dropped from 40.4 to 26.5, well below expectations of 30.2. ECB rate decision is due out Thursday.CADFollowing a sell off in oil prices, the Canadian dollar is softer versus the greenback. Bank of Canada is not expected to change interest rates in tomorrow’s decision.ASIA/PACIFICThe Australian dollar sold off following the RBA’s plan to continue with tapering purchases of government securities.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory
Subscribe to receive the Daily FX Update in your inbox.
By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at PrivacyOffice@svb.com. You can withdraw your consent at any time.
Thank you for subscribing to SVB's Daily FX Update.
You're almost done. Please check your email box and follow the instructions to confirm your subscription. If you did not receive an email please check your Spam or Bulk E-Mail folder just in case the confirmation email got delivered there instead of your inbox. If so, select the confirmation message and mark it Not Spam, which should allow future messages to get through. Please add us to your trusted list of senders, contacts or address book.
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. |