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    • Daily FX Update

    Net job additions for the US supports economy and Fed rate increases

    Peter Compton Headshot
    Peter Compton
    • April 1, 2022

    The US dollar is broadly higher to start the second quarter with Non-Farm Payroll numbers and wage gains largely viewed as positive. The price of oil is down after the UK joined the US in announcing a release of strategic supplies. Russia and Ukraine agree to continue talks today by video providing further hope to investors that the war will not spread and even slowly wind down.  

    "Be the change that you wish to see in the world."

    Mahatma Gandhi
    • FX Rates
      April 1, 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/USD1.1043
      GBP/USD1.3096
      USD/CAD1.2505
      AUD/USD0.7502
      USD/JPY122.95
      USD/CNH6.3690
      USD/ILS3.1943
      USD/MXN19.7868
      USD/CHF0.9266
      USD/INR75.7887
      USD/BRL4.7030
      USD/SGD1.3567
      USD/DKK6.7347
      USD/SEK9.3538
      USD/NOK8.7618

    • USD

      The dollar is up after jobs data confirmed a strengthening US economy. Payroll data for March showed an increase of 431K new jobs vs. the forecast of 490K. The prior two months showed net revisions of +95K. Earnings showed a 5.6% increase YoY which exceeded the prior month's 5.2%.

      ISM Manufacturing data will be released later this morning with forecasts calling for a continued expansion of 59.

      GBP

      The pound sank vs. the US dollar after the US jobs data release. UK business confidence fell to a 17-month low since Russia invaded Ukraine - many firms are putting investment on hold. Businesses are preparing to weather 6% inflation by year-end.

      EUR

      The euro drifted lower to start the quarter with losses picking up speed after the US jobs data. CPI data for March showed a year-over-year increase of 7.5% where expectations were for a 6.7% rise. Core CPI was 3.0% which was less than the 3.1% forecast.

      CAD

      The Canadian dollar is weaker on overall US dollar bullishness. Also, the price of oil is down over 1%. CAD has traded as low as 1.246 a few times since the start of the year only to bounce higher again off those levels. With the supply of oil expected to remain tight throughout most of this year, CAD will likely test again the low and continue to strengthen when it finally breaks through.

      ASIA/PACIFIC

      The Chinese renminbi weakened after four days of gains as the outlook for economic growth in Q2 was revised lower due to COVID related restrictions. 

      The start of a new fiscal year in Japan saw the yen weaken as investors view continued talks between Russia and Ukraine as positive leading to risk-on sentiment. 

    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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