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    • Daily FX Update

    Dollar gains back after two days of losses

    Peter Compton Headshot
    Peter Compton
    • March 31, 2022

    Financial markets again braced for fallout from Russia demanding rubles for payment on energy contracts. The price of oil is down 5% after the Biden administration said it is considering releasing one million barrels of oil daily to combat high energy costs and inflation overall. The dollar is up after having significant losses the past two days and remains up 1.5% on the year.

    "I was smart enough to go through any door that opened."

    Joan Rivers
    • FX Rates
      March 31, 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/USD1.1090
      GBP/USD1.3140
      USD/CAD1.2520
      AUD/USD0.7501
      USD/JPY121.62
      USD/CNH6.3480
      USD/ILS3.1861
      USD/MXN19.9122
      USD/CHF0.9239
      USD/INR75.7887
      USD/BRL4.7405
      USD/SGD1.3541
      USD/DKK6.7071
      USD/SEK9.3422
      USD/NOK8.7442

    • USD

      The dollar surged higher after Putin’s comments on Moscow TV saying gas contracts must be paid in rubles – something the Europeans have already said is not possible. The US PCE Deflator for February came in at 6.4% which was in line with expectations and slightly ahead of January’s 6.0%. Initial Jobless Claims for week ended March 26 were 202K vs the 196K expected.

      The US announces it is considering a release of a million barrels a day, from its reserves, sending oil prices plummeting.

      GBP

      The British pound was flat against the US dollar with GDP growth showing signs of stagnation rising by only 0.1% over March.

      EUR

      The euro is down as the bullish sentiment for the Common Currency faded over the past two trading sessions. High inflation on the continent and positive vibes of Russian/Ukrainian war being “de-escalated” gave way to month-end flows and the reality of continued Russian shelling of Ukrainian cities.

      CPI data for all of Euroland will be released tomorrow and watched carefully for signs of runaway inflation.
      CAD

      The Canadian dollar lost ground to the US dollar as the Biden administration says it may release 1 million barrels of oil each day to combat high energy prices. The loonie traded below 1.25 for much of the week and is now firmly over that level.

      ASIA/PACIFIC

      The Chinese renminbi rose despite weaker than expected PMI data for March.  China’s manufacturing PMI slipped to 49.5, lower than expectations.  The lockdowns in key manufacturing hubs this past week were only partially captured in the March data.

      Japan’s industrial outlook slipped by 0.1%, below estimates of 0.5%.  The yen is flat today after having lost 6% in the month of March as the Bank of Japan's easy money policies showed in stark contrast to tightening in most of the developed world.

    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

    Subscribe to receive the Daily FX Update in your inbox.

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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.

    Peter Compton
    WRITTEN BY
    Peter Compton
    • View Author Profile
    • Email

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