The US dollar is set to end the week higher than its peers. Sterling leads losses for G10 currencies as traders hold onto concerns over the viruses' impact to the local economy.
July 23, 2021
EUR/USD 1.1765 GBP/USD 1.3758 USD/CAD 1.2583 AUD/USD 0.7371 USD/JPY 110.53 USD/CNH 6.4791 USD/ILS 3.2689 USD/MXN 20.0426 USD/CHF 0.9206 USD/INR 74.4075 USD/BRL 5.1697 USD/SGD 1.36 USD/DKK 6.3220 USD/SEK 8.6908 USD/NOK 8.8712
The US dollar is trading higher today, set to strengthen for a second week. The greenback is supported by ongoing concerns of the virus and as traders bet on the Fed being closer to tapering than other major central banks.GBP
Sterling leads losses for G10 currencies following data that showed the economy slowed in July as the resurgence of the virus caused widespread staff shortages.EUREUR/USD remains largely unchanged, keeping a tight range of 1.1755-1.1786. Concerns remain on the euro-area outlook as businesses caution over shortages of raw materials, delivery delays and rising costs.CAD
USD/CAD is trading within a tight range of 1.2555-1.2582. Bank of Canada announced that they would allow their employees to work remotely as much as 50% of the time. The central bank doesn’t expect a normal office ecosystem until 2022.ASIA/PACIFIC
USD/JPY is trading 0.3% higher today, with the pair up 0.5% for the week. NZD/USD is trading slightly higher after a travel bubble with Australia was suspended for at least 8 weeks.
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
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.
Thank you for subscribing to SVB's Daily FX Update.
You're almost done. Please check your email box and follow the instructions to confirm your subscription. If you did not receive an email please check your Spam or Bulk E-Mail folder just in case the confirmation email got delivered there instead of your inbox. If so, select the confirmation message and mark it Not Spam, which should allow future messages to get through. Please add us to your trusted list of senders, contacts or address book.
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.
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.