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    • Daily FX Update

    Markets optimistic ahead of economic data and Fed meeting

    Scott Petruska Headshot
    Scott Petruska
    • November 1, 2021

    Investors begin the week in a risk-on mood ahead of a full docket of economic data and the Fed’s two-day policy meeting Tuesday and Wednesday. ISM and PMI data for October will be released early in the week, and Nonfarm Payrolls on Friday. Global equities are mostly in the green, the S&P 500 is opening higher. The dollar is mixed, but generally lower against its peers. US Treasury yields are higher by 2 bps to 1.58%. Oil and gold prices are steady at $84 per barrel and $1,787 per oz., respectively.

    Economic data & events:

    Monday: US ISM & PMI (Oct)

    Tuesday: Eurozone Manufacturing (Oct)

    Wednesday: US Factory & Durable Goods orders (Sep), Fed FOMC rate decision, Eurozone Unemployment (Sep)

    Thursday: US Initial Jobless Claims, US Trade Balance, Eurozone PPI & PMI, Bank of England policy meeting

    Friday: US Change in Nonfarm Payrolls & Unemployment, Canada Jobs data, Eurozone Retail Sales

    • FX Rates
      November 1, 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/USD1.1570
      GBP/USD1.3676
      USD/CAD1.2383
      AUD/USD0.7521
      USD/JPY114.24
      USD/CNH6.3964
      USD/ILS3.1391
      USD/MXN20.7497
      USD/CHF0.9122
      USD/INR74.8737
      USD/BRL5.6600
      USD/SGD1.3495
      USD/DKK6.4299
      USD/SEK8.5551
      USD/NOK8.4081

    • USD

      US stocks are higher on the back of recent positive corporate earnings surprises and expectations for solid ISM and PMI data for October. The FOMC is expected on Wednesday to announce it will begin to taper its $120 billion monthly bond purchases. The US dollar is mixed against its peers, the dollar index is slightly lower.

      GBP

      The UK pound is virtually unchanged from Friday’s close and after a difficult week for the pound which saw it fail to hold above $1.37, where it traded over the last two weeks. Today’s release of UK PMI Manufacturing for October of 57.8 was slightly better than expected and September’s figure. The Bank of England meets on Thursday, and no policy changes are expected.

      EUR

      The euro is up slightly following Friday’s big sell-off, which saw a drop from nearly $1.17 to $1.1535. German retail sales contracted by 2.5% for September, much worse than expectations of a 0.4% increase. There is a full docket of economic releases for the eurozone this week.

      CAD

      The Canadian dollar is steady and remains with the 1.23-1.2425 range in place since mid-October. International trade and employment data for Canada will be released this week.

      ASIA/PACIFIC

      The Japanese yen weakened, taking the USD/JPY back up above 114.00. New Premier Kishida promised to move quickly on a new economic program after a surprisingly quick win in yesterday’s general election.

    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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