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    • Daily FX Update

    Dollar stronger and risk assets under pressure to end week

    • June 17, 2022

    Equity markets remain choppy as central bankers' rate hikes disrupt markets and investors move out of risk assets. Dollar rose higher as investors seek haven assets.

    "Words of Emancipation didn't arrive until the middle of June so they called it Juneteenth. So that was it, the night of Juneteenth celebration, his mind went on. The celebration of a gaudy illusion." 

    Ralph Ellison
    • FX Rates
      June 17, 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/USD1.0482
      GBP/USD1.2236
      USD/CAD1.3043
      AUD/USD0.6953
      USD/JPY134.73
      USD/CNH6.7071
      USD/ILS3.4467
      USD/MXN20.5390
      USD/CHF0.9655
      USD/INR78.0750
      USD/BRL5.1267
      USD/SGD1.3889
      USD/DKK7.0969
      USD/SEK10.1922
      USD/NOK10.0183

    • USD

      Dollar holds onto weekly gain and remains strong as investors move out of risk assets in the wake of interest rate hikes. Investors bet on faster fed action is supported by the "dot plot" which shows a median projected fed funds rate of 3.4% for end of year 2022.

      GBP

      Pound slid along with gilt yields and sits slightly above a two-year low hit earlier this week. Six of nine members voted for a 25bp raise, others urged for 50bp. Investors took this as a hawkish signal and that a 50bp raise could be in view at the next meeting.

      EUR

      Euro fell, rejecting an overnight 1.06 mark largely driven by the stronger dollar and expectation of a faster pace of tightening.

      CAD

      USD/CAD tests its 200-week moving average as the pair breaches above the 1.30 level. WTI prices slid and markets will watch for Canadian CPI, a measure of inflation next week.

      ASIA/PACIFIC

      As expected, and diverging from other central banks, BOJ kept accommodative monetary policy in place and left rates unchanged.

      Aussie succumbs to selling pressure amid dollar buying failing to capitalize on two days of gains.

    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

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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.

    Insights from SVB Industry Experts

     
    SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

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