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    • FX Update

    The US dollar recovered from yesterday’s initial losses and gained further in morning trading on war concerns

    Peter Compton Headshot
    Peter Compton
    • April 13, 2022

    Higher inflation data yesterday and today combined with fear of a protracted Russian/Ukrainian war sent the US dollar higher. The Japanese yen is back at 20-year lows after the Bank of Japan affirmed loose monetary policy. The price of oil increased and is now 10% higher over the past two days. Bank of Canada meets later this morning and is expected to hike interest rates by 50bps.

    "Strive not to be a success, but rather to be of value." 

    Albert Einstein
    • FX Rates
      April 13, 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/USD1.0824
      GBP/USD1.3015
      USD/CAD1.2655
      AUD/USD0.7405
      USD/JPY125.77
      USD/CNH6.3670
      USD/ILS3.2166
      USD/MXN19.8121
      USD/CHF0.9336
      USD/INR76.1837
      USD/BRL4.7005
      USD/SGD1.3644
      USD/DKK6.8707
      USD/SEK9.5463
      USD/NOK8.8469

    • USD

      The US dollar is up on safe haven buying and on expectations the Federal Reserve will have to aggressively raise interest rates to combat higher inflation.  This morning's PPI data for March came in at 11.2% YoY which is the highest since 2010.

      GBP

      The British pound is at the weakest level since Q4 2020. UK inflation surged to 7% in March, the highest level in three decades as the cost-of-living crisis continues to threaten the economic recovery from the pandemic. The reading was the sixth consecutive print above expectations, driven by an increase in fuel, metals and used car prices. Economists predict the rise will continue as the increase in household energy bills take effect this month.

      EUR

      The euro has broken through the lows of this past March (1.0875) and may test the lows reached during the initial scare of the pandemic. The longevity of the Ukraine/Russia conflict has heightened concerns of a longer war and the potential for the conflict to spill over into other countries. EUR/USD dropped yesterday afternoon after Vladimir Putin cited that peace talks are at a “dead end”.

      CAD
      The Canadian dollar is weaker this morning despite the price of oil increasing to well over $100/bbl. Later this morning, the Bank of Canada is widely expected to increase its overnight benchmark rate by 50bps. The rate hike is priced into markets, so it may not move the FX rate unless Canadian officials suggest a faster and higher path of interest rate increases.
      ASIA/PACIFIC

      The Bank of New Zealand raised rates 0.5%, the biggest rise in 22 years as price pressures continue to influence policy. The NZD/USD gained 0.7% initially on the release, however, has reversed since.

      The Indian rupee sank after the nation's February Industrial Production figures (+1.7%) missed estimates (+2.7%) and suggest further headwinds for the Indian economy. 

    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.

    Peter Compton
    WRITTEN BY
    Peter Compton
    • View Author Profile
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