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    • Daily FX Update

    Markets in slight rebound, equities higher, dollar lower

    Scott Petruska Headshot
    Scott Petruska
    • March 9, 2022

    High geopolitical risks certainly remain, but markets are seeing a slight rebound in prices of risk assets. Investors are starting to consider that uncertainties related to the Ukraine war and Russian sanctions are largely built into current market pricing. Asian stock markets closed lower, but European and US markets opened higher. After reaching $130 a barrel on Monday, WTI oil prices are currently trading near $117. UST 10Yr yields have moved back up over 1.90%. The dollar is broadly lower, the euro is up 1% and back over $1.10. Traders await tomorrow’s US CPI for February, and next week’s Fed meeting – a 25 bps rate hike is expected.

    “It is not enough to win a war; it is more important to organize the peace.” 

    Aristotle
    • FX Rates
      March 9, 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/USD1.1038
      GBP/USD1.3163
      USD/CAD1.2824
      AUD/USD0.7328
      USD/JPY115.75
      USD/CNH6.3182
      USD/ILS3.2639
      USD/MXN20.9740
      USD/CHF0.9280
      USD/INR76.5650
      USD/BRL4.9959
      USD/SGD1.3583
      USD/DKK6.7474
      USD/SEK9.7068
      USD/NOK8.9036

    • USD

      The dollar is broadly lower as markets take a pause from the recent risk-off panic. Market pundits suggest that the current status on the ground in Ukraine and sanctions on Russia may be already reflected in markets pricing. Tomorrow’s CPI for February is expected to be 0.8% MoM, up from January’s 0.6%.

      GBP

      The UK pound is higher on broad dollar weakness. There were no key economic stats for the UK today, but it was reported that UK petrol prices rose at the fastest pace in 13 years last week. Traders await Friday’s slew of economic stats for the UK.

      EUR

      The euro has jumped back above $1.10 in line with broad dollar weakness. Currency option markets show that “risk-reversals” which offer downside protection for the euro stand at the most expensive level in more than a decade. Tomorrow the ECB meets, and no change in benchmark rates is expected.

      CAD

      The Canadian dollar strengthened for the first time in five days. CAD lags behind other G-10 currencies within a mild rebound versus the US dollar. Lower oil prices serve as a headwind for CAD gains. Traders await various economic data for February to be released on Friday.

      ASIA/PACIFIC

      The JPY is the only G-10 currency not making gains versus the USD as rising US interest rates overnight take a toll on the yen.

    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

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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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