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    • Daily FX Update

    December Nonfarm Payrolls disappoint for second month leading investors to question growth of US economy

    Peter Compton Headshot
    Peter Compton
    • January 7, 2022

    The much-anticipated jobs data showed a gain of 199K jobs in December vs. the 450K expected. Also, December data for wages came in higher than expected leading to inflation concerns which, in turn, caused Treasury rates to jump. The US 10yr is now yielding 1.74% and is close to the highs of last March. Higher rates could not help the dollar, however.

    “Life has two rules: 1. Never Quit  2. Always remember rule 1”

    unknown
    • FX Rates
      January 7, 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/USD1.1328
      GBP/USD1.3561
      USD/CAD1.2690
      AUD/USD0.7169
      USD/JPY115.71
      USD/CNH6.3861
      USD/ILS3.1090
      USD/MXN20.3866
      USD/CHF0.9213
      USD/INR74.3075
      USD/BRL5.6537
      USD/SGD1.3581
      USD/DKK6.5657
      USD/SEK9.0763
      USD/NOK8.8511

    • USD

      US Nonfarm Payrolls for December came in at +199K vs. expectations of +450K. The prior two months had a net revision of +141K with November now at +249K. The Unemployment rate fell to 3.9% from 4.2% in November. Inflation showed up in the Average Hourly wage data for December which grew 4.7% on an annual basis vs. 4.2%. The prior month's wage data was revised upward to 5.1% gain.

      GBP

      The British pound continued to gain. Since December 20, cable has picked up 2.75%. FX markets were relieved overnight that UK December Construction PMI fell only slightly and still indicates expansion. Omicron was feared to have hit the UK economy but the PMI data suggested otherwise.

      EUR

      The euro gained overnight after December consumer prices showed an increase of 5% leading FX markets to think the European Central Bank may be forced to remove some monetary policy accommodation sooner than planned.

      CAD

      Higher oil prices help strengthen the Canadian dollar. The price of oil is set for a third consecutive week of gains and sits at over $80/bbl. The violent crackdown on demonstrators in Kazakhstan by the Russian-backed authoritarian regime has led to concerns about oil supply as the global economy accelerates.

      ASIA/PACIFIC

      The Chinese renminbi gained on the dollar overnight after December data on foreign currency reserves showed the highest levels since 2015.

    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

    Insights from SVB Industry Experts

     
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