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    • Daily FX Update

    Inflation fears abate but investors see dollar benefiting

    Peter Compton Headshot
    Peter Compton
    • October 12, 2021

    The US dollar is stronger again today after rallying late yesterday on the back of higher US Treasury bond yields. The Fed seems poised to move forward with tapering which is helping to support the demand for US dollars. The UK pound is weaker despite payrolls growing more than expected in September. The Chinese renminbi gave back some of Monday’s gains on news there will be corruption reviews of financial regulators.

    This week's economic news:

    Tuesday: Jolts Job Openings for August (F 10.9M)

    Wednesday: Consumer Price Index for Sept. (F 5.3%), FOMC meeting minutes from Sept 22

    Thursday: Initial Jobless Claims for week of Oct. 9, Producer Price Index for Sept. (F 8.7%)

    Friday: Retail Sales for September, University of Mich. Consumer Sentiment for October

    • FX Rates
      October 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/USD1.1543
      GBP/USD1.3611
      USD/CAD1.2463
      AUD/USD0.7368
      USD/JPY113.6800
      USD/CNH6.4503
      USD/ILS3.2316
      USD/MXN20.8322
      USD/CHF0.9303
      USD/INR75.5175
      USD/BRL5.5385
      USD/SGD1.3568
      USD/DKK6.4473
      USD/SEK8.7611
      USD/NOK8.5469

    • USD

      The US dollar faces a busy week of economic releases with CPI tomorrow and Retail Sales closing out the week. FX market participants see mostly support for bullish dollar positions in the coming weeks as the Fed will most likely continue to signal a pullback in Treasury and mortgage bond purchases (tapering).

      GBP

      The pound is weaker despite UK payrolls rising above pre-coronavirus levels last month - an indicator of the strength in the UK labor market. Payrolls rose by a new record of 207k last month. ONS figures showed job vacancies rose to 1.2 million, also an all-time high. This gain is likely to absorb most of the one million workers who remained furloughed after the end of the scheme last month.

      EUR

      The euro continues to trade near lows last seen in summer 2020. The dollar bull story - with the Fed likely to move forward with tapering- is strong enough to keep euro bulls away.

      CAD

      The Canadian dollar is flat vs. the US dollar as commodity currencies continue to do well. The price of oil and all energy products remains elevated as the recovering global economy strains the return to pre-pandemic supply levels.

      ASIA/PACIFIC

      The Chinese renminbi weakened since Friday although is off overnight lows. Chinese authorities announced an anti-corruption review of large banks and financial regulators causing the renminbi to sink yesterday. A report that Beijing is widening scrutiny to include regulators caused the Nikkei, Hang Seng and CSI to drop  0.94%, 1.43% and 1.06% respectively.

    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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