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    • Daily FX Update

    Dollar index (BBDXY) holds near 12-month highs after Wednesday’s inflation shock

    Peter Compton Headshot
    Peter Compton
    • November 12, 2021

    A yield increase for short-term Treasury securities to their highest post-pandemic levels has kept the US dollar strong during overnight trading. The dollar spot index BBDXY is 1% higher for the week. The Russian ruble is down 1% over night after the US warns allies the build-up of Russian troops on the Ukraine boarder could be a prelude to invasion.

    “The soldier above all others prays for peace, for it is the soldier who must suffer and bear the deepest wounds and scars of war."

    Douglas MacArthur
    • FX Rates
      November 12, 2021

      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/USD1.1436
      GBP/USD1.3383
      USD/CAD1.2586
      AUD/USD0.7300
      USD/JPY113.98
      USD/CNH6.3813
      USD/ILS3.1095
      USD/MXN20.6089
      USD/CHF0.9237
      USD/INR74.4425
      USD/BRL5.4240
      USD/SGD1.3533
      USD/DKK6.5036
      USD/SEK8.7575
      USD/NOK8.7084

    • USD

      The US dollar is off overnight highs relative to a basket of currencies (BBDXY), but remains near 12-month highs. US Treasury yields continue to move higher on expectations the Fed will be forced to begin raising interest rates earlier than previous expectations. The JOLTS Job Openings for September and Univ. of Michigan Consumer Confidence for November are due out later this morning.

      GBP

      Sterling remains under pressure, trading at 11-month lows against the US dollar, despite fresh optimism on Brexit talks. New reports suggest that David Frost, the UK Brexit minister, believes there is still time to find a solution on the Northern Ireland protocol.  Frost and his EU counterpart are due to enter further intensive talks over the next few weeks.

      EUR

      EUR/USD has continued its downward trend and tries to remain above a key level of support at 1.1450. The Dutch government is considering the first partial COVID-related lockdown in Western Europe since the summer. New infections have nearly doubled in the last week putting increasing pressure on hospitals. Any decisions are due to be announced at 1800 GMT today. Austria and Denmark are also looking at possible new restrictions.

      CAD

      The Canadian dollar is trading at its weakest levels since early October despite the price of oil remaining near 7-year highs. The strength of the US dollar is effectively passing on oil price increases to oil importers who are required to buy dollars to settle oil purchases which are normally priced in USD. 

      ASIA/PACIFIC

      USD/JPY is trading lower and has dropped below the 114.00 mark. The downtick could be attributed to some profit-taking amid slower US dollar demand and following this week's rally of over 150 pips, triggered by US CPI levels.

      AUD/USD rates fell to a five-week low holding near the 0.7300 level, down 0.10% for the day. Aussie may be pressured from China’s ongoing energy issues, which will shape GDP going into 2022.

    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.

    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.

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    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.

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

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