The US dollar rises versus peers as a safe haven currency. Surging commodity prices are helping commodity-linked currencies. Severe sanctions on Russia have spilled into the private sector as many companies begin pulling investments out of Russia. Oil prices continue to rise even as the US and other nations consider releasing reserves to help stabilize prices. OPEC+ will meet today.
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March 1, 2022
EUR/USD 1.1157 GBP/USD 1.3405 USD/CAD 1.2660 AUD/USD 0.7274 USD/JPY 114.85 USD/CNH 6.3140 USD/ILS 3.2275 USD/MXN 20.5000 USD/CHF 0.9182 USD/INR 75.3400 USD/BRL 5.1525 USD/SGD 1.3560 USD/DKK 6.6655 USD/SEK 9.5700 USD/NOK 8.8300
The dollar is stronger in haven bids with the DXY rising 0.2%. President Biden delivers his State of the Union speech this evening. US Manufacturing PMI for February is due to be released today.GBP
The pound fell slightly. Traders will focus on Bank of England speeches later today.EUR
The euro remains under pressure, dropping 0.5% versus the dollar amid hedge fund, option and cross-related sales. German inflation jumped 5.1% YoY for February.CAD
USD/CAD remains little changed despite WTI oil trading over $100 a barrel amid supply concerns. Canadian Q4 GDP released showing a 6.7% increase.ASIA/PACIFIC
The Australian dollar gained slightly, even as the its central bank kept rates unchanged. USD/JPY sinks slightly as the yen gains from haven demand.
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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