Financial markets await tomorrow's US CPI for January. A higher than expected inflation reading will lead to speculation the Fed will have to raise interest rates faster than currently anticipated thereby supporting the dollar. Risk-on sentiment accelerates dollar selling and stable oil prices accelerate buying interest for commodity currencies like Canadian and Australian dollars.
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FX Rates
February 9, 2022Rates 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 1.1436 GBP/USD 1.3569 USD/CAD 1.2687 AUD/USD 0.7189 USD/JPY 115.47 USD/CNH 6.3657 USD/ILS 3.2164 USD/MXN 20.5269 USD/CHF 0.9229 USD/INR 74.8050 USD/BRL 5.2810 USD/SGD 1.3421 USD/DKK 6.5090 USD/SEK 9.0950 USD/NOK 8.8002
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USD
The US dollar is weaker in morning trading as FX markets await tomorrow's CPI data. US Treasury yields are down a few basis points highlighting the general risk-on sentiment in front of tomorrow's inflation data.
GBPThe British pound gained on the US dollar despite political noise around Prime Minister Johnson as a large donor seemed to withdraw support. Also, a report indicating Brexit has hurt UK business weighed on sentiment.
EURThe euro is stronger this morning vs. the US dollar on overall dollar weakness. The Common Currency continues to see bids after last week's more hawkish remarks by European Central Bank head Christine Lagarde.
CADThe Canadian dollar appreciated vs. the US dollar despite flat oil prices. Bank of Canada Governor Tiff Macklem is due to speak later today and FX markets will be listening for hints of future rate increases.
ASIA/PACIFICThe Australian dollar gained for a third day on the greenback after bouncing off the 0.70 last month which has proved a firm support level. FX markets will need confirmation from the Reserve Bank of Australia that interest rates will be rising significantly this year before the aussie will push higher.
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/foreign-exchange-advisory
| Source: Bloomberg | |
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