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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
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FX Rates
March 7, 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 1.0895 GBP/USD 1.3169 USD/CAD 1.2761 AUD/USD 0.7354 USD/JPY 115.28 USD/CNH 6.3190 USD/ILS 3.2767 USD/MXN 21.1224 USD/CHF 0.9252 USD/INR 76.9725 USD/BRL 5.0642 USD/SGD 1.3605 USD/DKK 6.83 USD/SEK 9.9474 USD/NOK 9.0478
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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.
GBPThe 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.
EURThe 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.
CADThe 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/PACIFICThe 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.
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/trends-insights/foreign-exchange-advisory
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| Source: Bloomberg | |
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