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The dollar continues to lead G-10 to kick off Fed week. The United States, Bank of England, and Royal Bank of Australia are scheduled to announce rate decisions this week. Traders have priced in a 0.25% rate hike for the US, and will listen for signs of the pace of tightening.
Economic Data this week:
Monday: ISM Manufacturing, CA S&P Manufacturing PMI
Tuesday: RBA rate decision
Wednesday: Fed rate decision
Thursday: BOE rate decision
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FX Rates
May 2, 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 1.0508 GBP/USD 1.2539 USD/CAD 1.2906 AUD/USD 0.7046 USD/JPY 130.10 USD/CNH 6.6831 USD/ILS 3.3566 USD/MXN 20.4035 USD/CHF 0.9762 USD/INR 76.5150 USD/BRL 5.0323 USD/SGD 1.3872 USD/DKK 7.0790 USD/SEK 9.8983 USD/NOK 9.4713
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USD
Dollar remains firm amid investor caution in response to high inflation and tightening monetary policy. Traders are focused on Fed decisions and key earnings out this week.
GBPGBP also under pressure versus the strong dollar and ahead of Thursday’s Bank of England decision. GBP slid 0.26% - the most in four days.
EUREuro continues its slide falling 0.2% to open the week. Nearby support is YTD low of 1.0472.CADUSD/CAD climbs to YTD high, as the loonie slid for a second day against the strong dollar. Oil prices slid too, weighing on the currency.ASIA/PACIFICUSD/JPY rose as Japan celebrates Golden Week holidays this week.
Manufacturing and services activity in China dropped to the worst levels since February 2020 as the country remains under COlockdown. The offshore yuan weakened following news.
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
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| Source: Bloomberg | |
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