Putin offers to stabilize energy markets, equities higher, dollar mixed

Putin offers to stabilize energy markets, equities higher, dollar mixed

Russian President Vladimir Putin said that Russia is ready to help stabilize energy markets, reversing natural gas and oil prices, which soared this week. Asian and European equities rose, and US equities are opening higher. The risk-on mood overnight was also bolstered by news that US debt-ceiling talks were making progress. The dollar is mixed, US Treasury yields are firm, and gold and oil lower. Today’s release of Initial Jobless Claims was slightly better-than-expected, as traders await more jobs data tomorrow.

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  • FX Rates
    October 7, 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.

  • USD

    The value of the dollar is mixed overnight as markets are relieved that energy markets have stabilized, thanks to Russian President Putin. Traders also are digesting news of progress on US debt-ceiling talks. The top performer, Indian rupee, strengthened by 0.25% overnight and the worst performer was the Mexican peso which lost 0.3%.


    The UK pound moved little overnight as markets showed no reaction to comments from Bank of England member Huw Pill that he is becoming increasingly concerned with the UK’s inflation outlook. Although, he added that despite two-sided risks to the economy – inflation and growth – policy makers will continue to “boosting the economy to its potential.”


    With no key economic news for Europe released today, the euro has not changed overnight. Traders did not react to outgoing German Chancellor Angela Merkel’s comment that Germany should not fully embrace fiscal union in the eurozone without “conditionality.”


    The Canadian dollar is unchanged as traders digest a sell-off in energy prices following overnight news of Putin’s offer to stabilize energy prices. Traders also await tomorrow’s release of September jobs data for Canada.



    The Japanese yen weakened slightly as risk appetite returns to the market. Bank of Japan lowered expectations for the country’s economic growth due to an increase in Covid-19 infection cases and supply chain disruptions.


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Scott Petruska
Scott Petruska

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