March 16, 2022
EUR/USD 1.0993 GBP/USD 1.309 USD/CAD 1.2699 AUD/USD 0.7258 USD/JPY 118.27 USD/CNH 6.367 USD/ILS 3.2601 USD/MXN 20.7661 USD/CHF 0.9403 USD/INR 76.2688 USD/BRL 5.1359 USD/SGD 1.3609 USD/DKK 6.7694 USD/SEK 9.4689 USD/NOK 8.8970
The dollar has retreated further as a 25-basis point hike is all but assured in the FOMC decision today. Investor sentiment has shifted to risk-on continuing to undermine the greenback.GBP
GBP/USD is up 0.38% intraday, as rates near 1.3100. Investors await the news today around the US rate increase, as the BOE is expected to have additional rate increases in tomorrow’s BoE meeting.EUREUR/USD rates rose 0.40% on the back of rising European equities. The Euro Stoxx 50 index is up 3.60% at time of writing and EUR/USD has climbed to $1.10. Ukrainian and Russian officials are set to have further talks today with the continued hope for a ceasefire.CADThe Canadian dollar gained against the overall weaker US dollar hitting a one week high. Canadian CPI data released this morning showed that inflation rose more than expected in February. After a week or so of weakness, WTI Crude oil prices are higher this morning.ASIA/PACIFICAsian equities rallied as the Hang Seng rose 9% on the day. The jump came on the back of the State Council’s promise to keep its stock market stable. This was the biggest daily gain since the recovery from the global financial crisis.
New Zealand announced that it would open its doors to travelers for the first time in two years on April 14. NZD/USD jumped 0.46% on the day.
This article is intended for U.S. audiences only.
©2023 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.