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    • Daily FX Update

    The US dollar gains as the US 10yr Treasury yield approaches 2.00%

    Peter Compton Headshot
    Peter Compton
    • February 8, 2022

    Financial markets wait for Thursday’s CPI reading for direction on how much the Fed will raise rates next month. The dollar is largely stronger in morning trading as Treasury interest rates continue to climb in anticipation of larger and faster Fed Funds rate increases. The price of oil is down but remains around the $90 level helping to support some commodity currencies.

    “If you cannot do great things, do small things in a great way.”

    Napoleon Hill
    • FX Rates
      February 8, 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/USD1.1418
      GBP/USD1.3548
      USD/CAD1.2708
      AUD/USD0.7131
      USD/JPY115.41
      USD/CNH6.3717
      USD/ILS3.2217
      USD/MXN20.63
      USD/CHF0.9239
      USD/INR74.7475
      USD/BRL5.2671
      USD/SGD1.3452
      USD/DKK6.5198
      USD/SEK9.1486
      USD/NOK8.8198

    • USD

      The US dollar is catching a light bid in morning trading as US Treasury rates head higher. Financial markets are awaiting Thursday’s release of January CPI data where a reading of +7.3% YoY is expected. Fed watchers are speculating that the FOMC will be forced to raise rates by 50bps at the March meeting if inflation comes in higher than expected.

      GBP

      The British pound is slightly stronger this morning vs. the US dollar. FX traders are awaiting Thursday’s inflation data out of the US before adding to trading positions.

      EUR

      The euro is heading toward a third day of losses relative to the US dollar with 1.14 seen as a key support level. Expectations the European Central Bank will begin to raise rates later this year may not be enough to lift the euro as the Common Currency remains in a broad range between 1.12-1.15.

      CAD

      The Canadian dollar lost some ground vs. the US dollar on overall USD strength.  Also, the price of oil is lower in morning trading as speculators close some bullish bets in front of a meeting between the US and Iran about the possible removal of sanctions if Iran gives up its nuclear weapons development program.

      ASIA/PACIFIC

      The Australian dollar lost some ground to the greenback as oil prices slipped and US Treasury yields headed higher. FX markets now expect 1.25% worth of tightening from the Reserve Bank of Australia in 2022.

      The Japanese yen has lost 12% vs the US dollar since the start of 2021 as FX markets expect the Fed to raise rates. With the US 10yr Treasury headed to 2%, the Japanese yen will likely weaken to more than 116 yen to a dollar.

    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
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