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    • Daily FX Update

    US dollar holds steady ahead of Fed meeting later this week

    Cate Camerota Headshot
    Cate Camerota
    • June 14, 2021

    The US dollar is holding in tight ranges against its peers as markets shift focus to the upcoming meeting for the Federal Reserve on Wednesday. Investors will be looking for hints on when the central bank may remove stimulus measures. Data releases this week include US Retail Sales, US Producer Prices and US housing numbers. Markets in Australia, Hong Kong, and China are closed today due to a local holiday.

    Economic Data this week:

    Tuesday: Italy CPI, France CPI, UK Jobless Claims, US PPI

    Wednesday: UK CPI, Fed Rate Decision, US Housing Starts

    Thursday: US Initial Jobless Claims, Eurozone CPI

    • FX Rates
      June 14, 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.

      EUR/USD1.2126
      GBP/USD1.4117
      USD/CAD1.2145
      AUD/USD0.7721
      USD/JPY109.77
      USD/CNH6.4115
      USD/ILS3.2449
      USD/MXN19.8777
      USD/CHF0.8982
      USD/INR73.2737
      USD/BRL5.0792
      USD/SGD1.3262
      USD/DKK6.1322
      USD/SEK8.3293
      USD/NOK8.3174

    • USD

      The greenback began the week with some modest gains compared with last week. Traders await the Federal Reserve’s meeting on Wednesday. Investors will be looking for indications of when the central bank may withdrawal stimulus. According to several economists surveyed by Bloomberg, the Fed could announce rate hikes for 2023 as the US economy’s growth and inflation strengthen.

      GBP
      Sterling traded lower earlier in the session on news that the UK is preparing to announce a delay to the UK’s full economic reopening as cases of Covid-19’s delta variant accelerate. The currency has since reversed losses, trading slightly higher for the day.
      EUR

      EUR/USD is trading slightly higher hitting the top of its recent range. Next level of support is seen as 1.2104 (June 4 low).

      CAD
      USD/CAD was trading slightly higher ahead of a report that showed manufacturing decline in Canada. The main focus for the currency pair will be commentary out of the Fed later this week.
      ASIA/PACIFIC
      USD/JPY remains largely unchanged trading slightly higher as markets in Hong Kong and China are shut for a local holiday. The currency pair remains within a tight range as traders anticipate commentary from the Fed.
    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 fxadvisors@svb.com.
    See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory

    Subscribe to receive the Daily FX Update in your inbox.

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     Source: Bloomberg
     

    This article is intended for U.S. audiences only.

    ©2022 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.

    Cate Camerota
    WRITTEN BY
    Cate Camerota
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