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    • Daily FX Update

    Market cautious, equities higher, bond yields and dollar higher

    Scott Petruska Headshot
    Scott Petruska
    • April 18, 2022

    US equities are opening slightly higher, and bond yields are higher. The UST 10yr trades at 2.83% as markets are cautious to start the week ahead of several speeches by Federal Reserve members, which may bolster expectations of a 50 basis point hike in May. The US dollar is broadly higher, and WTI oil trades at $108.44 per barrel and gold up to $1995 per oz. Many markets in Asia and Europe are closed for Easter. Boston/Massachusetts state is closed for Patriots’ Day/Boston Marathon.

    Economic Data and Events:

    Monday; US Housing Market Index

    Tuesday: US Residential Construction; Canada Housing Starts & Existing Home Sales; Japan Industrial Production, Trade Balance

    Wednesday: US Existing Home Sales; Eurozone Industrial Production; Canada CPI

    Thursday: US Leading Economic Index; Eurozone CPI; Japan CPI

    Friday: US Manufacturing and Services PMIs; Eurozone Manufacturing and Services PMIs; UK Retail Sales; Canada Retail Sales



    • FX Rates
      April 18, 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/USD1.0800
      GBP/USD1.3035
      USD/CAD1.2617
      AUD/USD0.7372
      USD/JPY126.56
      USD/CNH6.3758
      USD/ILS3.2317
      USD/MXN19.9557
      USD/CHF0.9430
      USD/INR76.2688
      USD/BRL4.6766
      USD/SGD1.3604
      USD/DKK6.8863
      USD/SEK9.5659
      USD/NOK8.8398

    • USD

      The dollar is broadly higher in light overnight trading with many centers in both Asia and Europe on Easter holiday. Its biggest gains are against the big commodity currencies – NZD, AUD, NOK and CAD – despite higher commodity prices.

      GBP

      The UK stock exchange is only open in the morning in observance of Easter. The UK pound is slightly lower in line with other major currencies versus a broadly stronger US dollar. The pound at $1.3033 is not far from last Wednesday's low for 2022 of $1.2974. Investors are focused on a slew of economic releases on Friday, including UK Retail Sales and Manufacturing and Service PMIs, which are expected to be weak.

      EUR

      The EUR/USD is trading at $1.0797, not far from last Thursday’s 2022 low of $1.0758. The previous significant low was $1.0636 reached in late March 2020. Investors await a slew of economic data for the Eurozone, including Industrial Production, CPI and Manufacturing and Service PMIs.

      CAD

      The loonie is slightly lower, but off its worse levels, as oil at $108.44 is well up from earlier trading at $106.00. Investors await a slew of economic data releases this week, including Canada Housing Starts, Home Sales, CPI and Industrial Production.

      ASIA/PACIFIC

      The Japanese yen continues to weaken – it has weakened every day in April, and now sits nearly 9% lower versus the dollar since early March when USD/JPY traded comfortably under ¥115.00.

      The CNY is virtually unchanged from Friday’s close, despite upbeat economic data, including better than expected Q1 GDP YoY growth of 4.8% vs 4.0% for Q4.

    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.

    Scott Petruska
    WRITTEN BY
    Scott Petruska
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