Market activity was subdued overnight as investors ponder yesterday’s release of Fed minutes that are being interpreted as slightly less hawkish than expected. US equities are opening higher following higher European stocks. UST bond, currency, and commodity markets are little changed. US economic data for Q1 were mixed: GDP -1.5% versus -1.3% expected, Personal Consumption +3.1% versus 2.8% expected. Traders await tomorrow’s Personal Income/Spending and PCE Deflator, both expected to drop.
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FX Rates
May 26, 2022Rates 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/USD 1.0714 GBP/USD 1.2569 USD/CAD 1.2787 AUD/USD 0.7096 USD/JPY 127.18 USD/CNH 6.7629 USD/ILS 3.3518 USD/MXN 19.7682 USD/CHF 0.9593 USD/INR 77.57 USD/BRL 4.7925 USD/SGD 1.3735 USD/DKK 6.9446 USD/SEK 9.8544 USD/NOK 9.5450
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USD
The dollar is little changed overnight as markets digest Fed minutes which were deemed slightly less hawkish than expected. Economic data was mixed today. There is a slew of data releases tomorrow, including Personal Income and Spending, GDP and PCE Deflator data.
GBPThe UK pound is basically flat overnight, although it did whip around several times within a fairly wide 1.2555 to 1.2620 range. There are no economic data releases until next week.EURThe euro is up slightly after suffering earlier losses, as traders digest unexpectedly hawkish comments made recently by ECB President Christine Largarde. There are no economic releases this week.
CADThe Canadian dollar is up slightly on the USD, despite weaker than expected Retail Sales for March and Payroll Employment Changes. Oil and gold prices moved little overnight.ASIA/PACIFICThe Chinese renminbi weakened by nearly 0.7% overnight, as investors show concern that the economy may significantly miss its growth targets this year. Based on Bloomberg estimates, China’s trade-weighted currency index that the PBOC uses in setting its FX fixings and policy targets fell to its weakest level since October.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange-advisory
| Source: Bloomberg | |
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