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    • FX Update

    Quiet start to Q2, equities and dollar higher, yields mixed

    Scott Petruska Headshot
    Scott Petruska
    • April 4, 2022

    Financial markets kicked off Q2 more quietly than expected. Equity markets around the world are generally higher, including the US. Tech stocks are higher, bolstered by news that Elon Musk took a 9.2% stake in Twitter. Prices of bonds are mixed around the world. The middle part of the US yield curve (2x10’s at -3 bps) is less inverted. The dollar is higher against the European currencies, but lower against commodity currencies, as oil and gold gain in price. The US Q1 earnings season starts this week.

    Economic data/events:

    Monday – US Factory Orders, Durable Goods
    Tuesday – Reserve Bank of Australia policy decision
    Wednesday – FOMC minutes from March meeting, Eurozone PPI
    Thursday – US Initial Jobless Claims, Consumer Credit, Eurozone Retail Sales
    Friday – Canada Employment data

     

     

    • FX Rates
      April 4, 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/USD1.0994
      GBP/USD1.3117
      USD/CAD1.2488
      AUD/USD0.7548
      USD/JPY122.74
      USD/CNH6.3744
      USD/ILS3.2052
      USD/MXN19.7504
      USD/CHF0.9257
      USD/INR75.5488
      USD/BRL4.6148
      USD/SGD1.3567
      USD/DKK6.7650
      USD/SEK9.4079
      USD/NOK8.7050

    • USD

      The dollar index is higher, as key currencies of the index – EUR, SEK and JPY – are all slightly weaker. The commodity currencies - NOK, CAD, AUD and NZD - are all slightly higher versus the dollar. Today’s release of economic data including Factory and Durable Goods orders came in weak, but as expected. Markets seem quiet, as investors digest the latest central bank and Ukraine news.

      GBP

      The UK pound has remained in a narrow range since Friday’s close. There were no key economic releases today. Traders have reduced positioning, as they digest today’s comments by BOE Governor Andrew Bailey, which were interpreted as less hawkish than previously thought.

      EUR

      Despite higher Eurozone equity markets, the euro is lower. Investors continue to be concerned about downside risks related to the war in Ukraine. Sanctions on Russia may expand after weekend shocks of Russian atrocities on Ukraine civilians. Traders await Eurozone PPI and Retail Sales later this week.

      CAD

      The Canadian dollar is higher on the back of higher prices of oil and gold, which offset depressing Bank of Canada’s Business Outlook data.

      ASIA/PACIFIC

      The Japanese yen is slightly lower, but trades within a narrow range around 122.50. Traders are increasingly wary that the rise in the USD/JPY may be overextended, as expectations of higher US bond yields may be fully baked into the rate of the currency pair.

    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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