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    • Daily FX Update

    US dollar strong, stocks buoyant to start the holiday week

    Derek Osbahr
    • December 27, 2021

    The US dollar made a solid comeback on the first day of the year's last trading week and remained well-supported by the Fed's hawkish outlook, still indicating at least three rate hikes next year. COVID-19’s Omicron variant continues to spread rapidly around the world, which factors into investors' growing concerns. As data continues to be published on the new variant, it appears that the new strain is not causing more deaths and that hospitalizations are much lower than the Delta variant.

    Key Economic Data and Events:

    Monday:

    US Dallas Fed Manufacturing Outlook Levels

    Tuesday:

    FHFA House Price Index MoM

    European Union YOY Retail Sales

    Wednesday:

    US Pending Home Sales  YoY

    Thursday:

    US Initial Jobless Claims

    • FX Rates
      December 27, 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/USD1.1326
      GBP/USD1.3424
      USD/CAD1.2805
      AUD/USD0.7232
      USD/JPY114.77
      USD/CNH6.3757
      USD/ILS3,1185
      USD/MXN20.6700
      USD/CHF0.9177
      USD/INR75.05
      USD/BRL5.6645
      USD/SGD1.3568
      USD/DKK6.5646
      USD/SEK9.1095
      USD/NOK8.8485

    • USD

      USD strengthened amid the Fed's hawkish outlook, indicating at least three rate hikes in 2022. The US dollar strengthened against major world currencies today except for sterling.

      GBP

      GBP strengthened against the USD as rates climbed above 1.3430. Over the holiday weekend, the UK reported 120K new daily COVID cases.  British Prime Minister Boris Johnson has ruled out additional coronavirus-related restrictions until at least the first week of 2022. Investor concern continues to grow as the infection spreads at a rapid pace.

      EUR

      EUR/USD is steady in light trading, volumes likely be kept to a minimum given the holiday week and the lack of key events on the macroeconomic calendar. 

      CAD

      CAD weakened against the USD and was one of the worst performers against the greenback. Crude oil futures dropped 1% as traders weigh the impact of soaring coronavirus infections globally.  

      ASIA/PACIFIC

      AUD/USD continues to follow its intraday descent and has dropped to two-day lows near 0.7200. Uncertainty over the continuing rise in Covid-19 cases due to the Omicron variant has overshadowed recent optimism.

      The Japanese yen continues to weaken against USD for the third straight week. USD/JPY inches closer to 115.00, but has settled around 114.70 mid-way through the European markets.

       

    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.

    Insights from SVB Industry Experts

     
    SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

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