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    • Daily FX Update

    Dovish ECB leaves rate unchanged

    Kathryn Garvey Headshot
    Kathryn Garvey
    • October 28, 2021

    The dollar is mixed versus peers on a full day of data that includes an announcement from the ECB, jobless claims and Q3 growth for the US. The ECB left rates unchanged as expected, leaving the eurozone area behind other increasingly hawkish central banks. Markets will watch the Fed and BoE comments closely next week. On the domestic side, President Biden will visit the Hill today to attempt to push forward his economic agenda. The White House has made concessions to its once lofty bill in an attempt to pass something soon.

    "The way I see it, if you want the rainbow, you gotta put up with the rain."

    Dolly Parton
    • FX Rates
      October 28, 2021

      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/USD1.1645
      GBP/USD1.3778
      USD/CAD1.2348
      AUD/USD0.7523
      USD/JPY113.47
      USD/CNH6.3928
      USD/ILS3.1675
      USD/MXN20.2995
      USD/CHF0.9155
      USD/INR74.9205
      USD/BRL5.5990
      USD/SGD1.3455
      USD/DKK6.3850
      USD/SEK8.5565
      USD/NOK8.3520

    • USD

      US growth numbers for Q3 showed a sharp decline as consumer spending was impacted by the Delta variant and supply chain problems. The economy grew at just 2% - a slowdown from strong 6.7% growth in Q2. Jobs data for the week ending October 23 showed that first-time filers for unemployment benefits fell to a pandemic low.

      GBP

      The pound is relatively quiet today, edging higher versus USD following yesterday’s upbeat economic and fiscal outlooks from the Bank of England. There is no data out of the UK today, so GBP/USD will be swayed by market reactions to US data. Bank of England seems set to tighten by end of year.

      EUR

      EUR/USD shot higher following the ECB’s decision to leave rates unchanged. ECB President Christine Lagarde pushed back on market hawks in the press conference and commented “our analysis certainly does not support that the conditions of our forward guidance are satisfied at the time of liftoff as expected by markets nor any time soon thereafter.”

      CAD

      The Canadian dollar surged after the BoC announced Wednesday that it would end its bond purchase stimulus program as well as accelerate the potential timing of future interest rate increases. This announcement surprised investors causing CAD to appreciate more than 0.50%.

      ASIA/PACIFIC

      JPY gained ground versus the dollar following the BoJ’s decision to keep rates unchanged and after it trimmed economic growth forecasts.  

      The PBOC set a weaker yuan rate for the 7th straight day.

       

    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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     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.

    Kathryn Garvey
    WRITTEN BY
    Kathryn Garvey
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