The US dollar remains weak against peers after trading lower yesterday. Demand for safe haven assets waned causing downward pressure on the greenback. News this morning showed that the European Central Bank has left rates unchanged. This announcement supports the common currency with EUR/USD breaking above 1.18.
“What you get by achieving your goals is not as important as what you become by achieving your goals.”
July 22, 2021
EUR/USD 1.1827 GBP/USD 1.3786 USD/CAD 1.2546 AUD/USD 0.7393 USD/JPY 110.08 USD/CNH 6.4662 USD/ILS 3.2683 USD/MXN 20.154 USD/CHF 0.9165 USD/INR 74.4662 USD/BRL 5.1931 USD/SGD 1.3587 USD/DKK 6.2890 USD/SEK 8.6491 USD/NOK 8.7983
US dollar weakens as demand for haven assets fade. Commodity-linked currencies lead gains among G-10 currencies as Treasury yields and US equities climb.GBP
Sterling holds above 1.37 amidst broad USD weakness. The British pound gained momentum following the decision by the ECB.EUR
EUR/USD trading slightly higher following release from the European Central Bank that it will keep its main refinancing rate unchanged. The central bank stated that it would keep rates at current levels until forecasts show progress.CAD
USD/CAD holds lower after dropping near 1% during yesterday’s trading session. WTI prices hold above $70/bbl.ASIA/PACIFIC
USD/JPY trades lower on broad USD weakness. Australian dollar is trading stronger despite lockdowns in the nation. Data released showed that Australia had a record high shipment for iron ore supporting the local economy.
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.