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    • Daily FX Update

    Euro catches a break, AUD extends its advances, and the USD slows

    • January 31, 2022

    After a week of dollar strength stemming from the hawkish FOMC meeting last week, it’s clear the Fed is most interested in tackling growing inflation concerns, and possibly more aggressively than earlier anticipated. The euro gained for the second session in a row, supported by a repricing of a potential interest rate hikes by the ECB later in the year. The AUD has rallied the most of all the majors ahead of the RBA interest rate decision on Tuesday. 

    Economic Updates:

    Monday: EU GDP Growth Rates

    Tuesday: EU December Unemployment Rate, US JOLTS Job Opening, US ISM Manufacturing, RBA Interest Rate Decision

    Wednesday: Balance of Trade Reports

    Thursday: BOE Interest Rate Decision

    Friday:  US Jan Unemployment Rate, CAD Jan Unemployment Rate

    • FX Rates
      January 31, 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/USD1.1200
      GBP/USD1.3442
      USD/CAD1.2741
      AUD/USD0.7066
      USD/JPY115.40
      USD/CNH6.3782
      USD/ILS3.1805
      USD/MXN20.6460
      USD/CHF0.9306
      USD/INR74.6200
      USD/BRL5.3410
      USD/SGD1.3518
      USD/DKK6.6440
      USD/SEK9.3220
      USD/NOK8.9120

    • USD

      The dollar is trading near session lows with amid a slight risk-on mood. The DXY is down 0.350% to start the week following last Friday's Core PCE Price Index, which climbed 4.9% YoY. The Street's biggest banks are at odds over how fast the Fed will raise rates in 2022 after Powell signaled that it could be more aggressive that previously anticipated.

      GBP

      GBP/USD is trading above $1.34 and its 50-day moving average, as investors prepare for the BOE policy meeting later this week. The improved market move is due to the investors’ expectations of 5 rate hikes from the BOE in 2022.

      EUR

      Eurozone GDP reports were in line with expectations and as a result there is a slight jump in the euro to begin the week. On Friday, the euro dropped as low as $1.1121, which was its lowest level since June 2020. EUR/USD has since rallied, and is trading near $1.12.

      CAD

      USD/CAD continues its intraday decent to near 1.2720. Oil is on track for the biggest January gain in at least 30 years, as demand continues to outpace fresh supply, and amid ongoing geopolitical risks.

      ASIA/PACIFIC

      AUD extended it advances over the USD as investors prepare for a more hawkish shift from Australia's central bank at its rate decision this Tuesday. 

    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.

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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.

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