US inflation for February was high – CPI MoM was 0.8% and 7.9% YoY, but met market expectations. Reversing yesterday’s price action, Asian stocks were higher on the day and European stocks are lower, as the Ukraine war intensifies. US stocks are opening lower following news of the high inflation while US Treasury yields race higher, the 10Yr approaches 2.00%. The US dollar is mixed against its peer currencies. The European Central Bank announced no change in interest rates, but surprised markets by accelerating the undoing of its monetary stimulus. Gold is trading higher at $2000 per oz and WTI oil higher at $113 per barrel.
“Whenever you see a successful business, someone once made a courageous decision.”
-
FX Rates
March 10, 2022Rates 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/USD 1.1018 GBP/USD 1.3132 USD/CAD 1.2788 AUD/USD 0.7348 USD/JPY 116.16 USD/CNH 6.3218 USD/ILS 3.2657 USD/MXN 20.9528 USD/CHF 0.9304 USD/INR 76.3050 USD/BRL 5.0563 USD/SGD 1.3592 USD/DKK 6.7535 USD/SEK 9.6708 USD/NOK 8.9585
-
USD
The dollar is mixed -- higher against the safe-haven Swiss franc and Japanese yen, and lower against the Australian and New Zealand dollars. High US CPI for February met market expectations. Investors are increasingly concerned with potential stagflation, so stocks were sold and bond yields moved higher.
GBPThe UK pound moved several times between 1.3145 and 1.3195, and broke below the base following news of high US inflation. There were no economic releases today, but traders await a slew of data tomorrow.
EURThe euro rallied to its highest level of the day at $1.1121 following hawkish news from the ECB in accelerating the unwinding of monetary stimulus, but then fell to $1.1000 as the dollar strengthened on the high US CPI data. The ECB’s deposit facility rate of -0.50% was left unchanged.
CADThe loonie moved little overnight, as higher oil prices were offset by a stronger USD. There were no economic data releases today, but Canadian jobs data will be released tomorrow.ASIA/PACIFICThe Australian dollar is the top performing G-10 currency today, fueled by higher commodity prices and reports from analysts that Australia’s central bank will raise rates sooner and higher than previously predicted.
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/foreign-exchange-advisory
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. |