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    • FX Update

    Strong corp earnings, stocks & bond yields rise, dollar mixed

    Scott Petruska Headshot
    Scott Petruska
    • April 21, 2022

    A strong start to the US corporate earnings season is supporting stocks, as investors’ concerns about a potential recession are allayed. Asian and European stocks are also in the green. Bond yields edged higher after yesterday’s big fall – the UST 10Yr currently trades at 2.88%. The euro was the biggest gainer against the USD overnight, the AUD and NZD the worst performers. This morning’s US jobless claims came in slightly above expectations. Preliminary PMI’s for April will be released tomorrow. Oil and gold are little changed.

    “Success is not final, failure is not fatal: it is the courage to continue that counts.”
    Winston Churchill
    • FX Rates
      April 21, 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/USD1.0885
      GBP/USD1.3065
      USD/CAD1.2483
      AUD/USD0.7426
      USD/JPY128.32
      USD/CNH6.4693
      USD/ILS3.2294
      USD/MXN20.1463
      USD/CHF0.9493
      USD/INR76.1588
      USD/BRL4.6220
      USD/SGD1.3610
      USD/DKK6.8393
      USD/SEK9.4297
      USD/NOK8.7986

    • USD

      A risk-on mood based on upbeat earnings reports is having a positive impact on global stocks, and pushing up bond yields. The dollar has swung within a relatively wide trading range, but currently sits mixed overnight against its G-10 peers – the euro the strongest, the antipodean currencies (AUD and NZD) the weakest. The dollar versus the EM currencies was also mixed – the RUB and East European currencies the strongest, Asian currencies the weakest. Initial Jobless Claims for last week of 184K was close to 180K expected, and continues a declining trend in place since January 2021. Traders look forward to tomorrow’s US preliminary PMI data for April.

      GBP

      The UK pound is barely changed overnight, continuing to trade within the $1.2975 - 1.3150 range in place for the month of April. Market analysts are increasingly concerned that the UK will go into recession as inflation hits 9%. UK Retail Sales for March and preliminary PMI data for April are released tomorrow, and expectations are for weak figures.

      EUR

      The euro is the top performing G-10 currency overnight, fueled by reports that traders are betting on three 25 bp rate hikes from the ECB this year. Rising inflation is expected to pressure the central bank to raise its benchmark rate above zero (currently at -0.50%) for the first time in 10 years. Hawkish comments from a ECB Governing Council member spurred the change in market sentiment.

      CAD

      The Canadian dollar is up slightly overnight against the USD, reaching its best levels in two weeks. A slight improvement in US-CAD interest rate differentials in favor of Canada fueled CAD’s rally. Traders await tomorrow’s release of Industrial Production (Mar) and Retail Sales (Feb) for Canada – expectations are for weak figures.

      ASIA/PACIFIC

      The yen weakened a bit overnight, the USD/JPY consolidating after peaking yesterday at 129.40, then selling off to a low of 127.46. Japan will publish inflation and PMI data later today.

    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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