News out of China showed that the nation’s highest leaders are committed to meeting economic targets. This statement pushed oil and iron ore prices higher supporting commodity-linked currencies. The US dollar retreated from multi-year highs and the Bloomberg dollar index is down 0.5% dropping the most this week.
April 29, 2022
EUR/USD 1.0535 GBP/USD 1.2550 USD/CAD 1.2735 AUD/USD 0.7158 USD/JPY 130.20 USD/CNH 6.6346 USD/ILS 3.3200 USD/MXN 20.3283 USD/CHF 0.9718 USD/INR 76.4337 USD/BRL 4.8933 USD/SGD 1.3803 USD/DKK 7.0622 USD/SEK 9.7798 USD/NOK 9.2713
The Bloomberg dollar index is trading 0.5% lower following a statement from China’s top leaders assuring the nation would meet economic targets. US dollar has dropped the most in a week versus its peers.GBPSterling is trading higher versus USD amidst broad market sentiment. The currency pair is trading 0.9% higher after six straight sessions of decline.EUREuro-area inflation rose to a fresh all-time high with the region’s consumer prices printing up 7.5% YoY. Energy remains the key driver and investors continued to be focused on this dynamic, especially following news that Russia will halt natural gas supplies to Poland and Bulgaria.CADUSD/CAD is trading 0.5% lower following negative GDP data out of the US and higher oil prices. WTI crude prices trading near $106/bbl has helped support the loonie despite the currency lagging other commodity-linked currencies.ASIA/PACIFICUSD/JPY remains above the 130 handle after retreating from highs seen yesterday. AUD and NZD trading higher following statement from China’s top leaders pledging to meet economic targets which pushed iron ore prices higher.
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
By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at PrivacyOffice@svb.com. You can withdraw your consent at any time.
Thank you for subscribing to SVB's Daily FX Update.
You're almost done. Please check your email box and follow the instructions to confirm your subscription. If you did not receive an email please check your Spam or Bulk E-Mail folder just in case the confirmation email got delivered there instead of your inbox. If so, select the confirmation message and mark it Not Spam, which should allow future messages to get through. Please add us to your trusted list of senders, contacts or address book.
Please note that we will continue to send you communications that we need to send you (for example, to keep you updated on operational changes to your account, a product or a service) or that we are required to send you by law.
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.