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    • FX Update

    Oil and dollar rush higher, stocks and bond yields fall

    Scott Petruska Headshot
    Scott Petruska
    • March 7, 2022

    Ukraine news continues to drive financial markets. News that Russian and Ukrainian officials plan to meet again had little impact on oil prices, which soared to fresh highs over $120 a barrel. The dollar surged against European currencies. Most Asian stock markets are down between 2-3%, Europe’s fell 1% and the S&P 500 opened only down slightly from Friday’s close. Gold touched $2000 an oz. Traders await the ECB meeting on Thursday and the Fed’s meeting next week.

    Economic data & events:

    Monday: US consumer credit

    Tuesday: EZ GDP

    Wednesday: US Job Openings and Labor Turnover Survey (JOLTS)

    Thursday: US CPI, Canada Capacity Utilization, Unemployment, Participation Rate

    Friday: US University of Michigan Consumer Sentiment Survey, UK GDP, Industrial Production, Trade Balance

    • FX Rates
      March 7, 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/USD1.0895
      GBP/USD1.3169
      USD/CAD1.2761
      AUD/USD0.7354
      USD/JPY115.28
      USD/CNH6.3190
      USD/ILS3.2767
      USD/MXN21.1224
      USD/CHF0.9252
      USD/INR76.9725
      USD/BRL5.0642
      USD/SGD1.3605
      USD/DKK6.83
      USD/SEK9.9474
      USD/NOK9.0478

    • USD

      The US dollar index soared to fresh 14-month highs on the back of continued uncertainty related to the Ukraine-Russian conflict. News that officials from the two countries will meet again has subsequently brought the dollar well down from its highs. The White House said that it is considering a ban on Russian oil imports, which helped drive oil prices to new highs over $120 a barrel. 

      GBP

      The UK pound declined since Friday’s close, but is off session lows on the back of UK housing prices rising at their fastest pace since 2007. The Bank of England has begun quantitative tightening today, as $37 billion of bonds has fallen off its balance sheet. Traders await a slew of UK economic data to be released March 11.

      EUR

      The euro dropped to near $1.08 amid geopolitical, economic and inflationary pressures related to the Ukraine-Russian conflict. Traders await the ECB meeting on Thursday, although no change is expected in its benchmark rates.

      CAD

      The Canadian dollar is one of few currencies that has gained on the dollar overnight. Earlier gains due to soaring oil prices and news of a possible US ban on Russian oil were scaled back as US markets opened. Traders await Canada jobs data on Friday.

      ASIA/PACIFIC

      The Australian and New Zealand dollars are top performing currencies due to the surge in commodity prices.

      The Chinese yuan is higher on the day following news that Russia may make payments to foreign creditors in the Chinese yuan, as ruble payments may not recognized or allowed to be wired via SWIFT.
    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 GroupFXRiskAdvisory@svb.com.
    See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange-advisory

    Subscribe to receive FX updates to your inbox.


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     Source: Bloomberg
     

    This article is intended for U.S. audiences only.

    ©2023 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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