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    • Daily FX Update

    Markets are mixed ahead of Q2 earnings season

    Scott Petruska Headshot
    Scott Petruska
    • July 12, 2021

    The Q2 earnings season kicks off this week -- JPMorgan, Goldman Sachs, Citibank and BOA will be reporting results. Treasury yields are lower and the dollar is slightly higher. Despite Asian and European equities moving higher, US equities opened lower. Traders await Fed Chair Powell’s semi-annual testimony for Congress on Wednesday and US inflation data released this week. Investors remain concerned with the timing of the Fed’s tapering of asset purchases and the recent spread of the Delta variant.

    Economic data and events:

    Tuesday: CPI (June), Small Business Optimism Index (June)

    Wednesday Federal Reserve Beige Book, Fed Chai Powell testifies, PPI (June), Bank of Canada meets, Reserve Bank of New Zealand meets

    • FX Rates
      July 12, 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/USD1.1865
      GBP/USD1.3873
      USD/CAD1.2494
      AUD/USD0.7474
      USD/JPY110.3700
      USD/CNH6.4804
      USD/ILS3.2807
      USD/MXN19.9144
      USD/CHF0.9151
      USD/INR74.5788
      USD/BRL5.2477
      USD/SGD1.3519
      USD/DKK6.2699
      USD/SEK8.5892
      USD/NOK8.6977

    • USD

      The dollar is broadly higher as a safe-haven refuge on renewed concerns with Covid-19 variants, uncertain corporate earnings and Powell’s testimony to Congress. According to the Commodity Futures Trading Commission (CFTC), large currency speculators reduced USD short positions to the lowest level in over a year amid increased possibility of Fed tapering and rate hikes sooner than previously expected.

      GBP

      The pound is lower amid broad strength in the USD. Traders are concerned over PM Boris Johnson’s plans to remove most of the remaining pandemic restrictions on July 19, despite the recent surge in cases. The good news – in the UK, more than 87% of adults have been given at least one dose of a vaccine and 66% have been given two.

      EUR

      The euro is lower by 0.2% over the weekend, but well above last week’s low at $1.1785. Markets reacted to comments by ECB President Lagarde that she was ready to change forward guidance at her next meeting on July 22 amid rising inflation concerns. German bund yields fell to -0.30, its lowest level since April.

      CAD

      The Canadian dollar is lower due to broad US dollar strength and lower commodity prices – oil lower by nearly 1%. The Bank of Canada meets on Wednesday, and traders are expecting the BOC to signal its intentions are removing its ultra-loose monetary policy.

      ASIA/PACIFIC

      The Reserve Bank of New Zealand has an interest rate policy meeting on Thursday. Traders expect the RBNZ to provide insight into its preparation to remove emergency monetary policy.

      Last week, the People’s Bank of China surprised markets by lowering the banking system’s Reserve Requirement Ratio (RRR). It will effectively put $154 billion worth of liquidity into the economy, but traders are concerned that the move signals a potential recession. Also, it shows an increasingly wide divergence in policies with the US.

    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
    • View Author Profile
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