Russia’s Foreign Minister continues talks with Ukraine as global isolation of Russia continues and as Russian forces continue to press on. WTI oil continued to rise touching $116 per barrel. OPEC+ met yesterday and producers plan to raise output by 400K BPD in April. Fed Chair Powell confirmed in front of Congress he supports a 0.25% rise at the March meeting.
Patience is not simply the ability to wait - it's how we behave while we're waiting.
March 3, 2022
EUR/USD 1.1075 GBP/USD 1.3362 USD/CAD 1.2640 AUD/USD 0.7341 USD/JPY 115.55 USD/CNH 6.3195 USD/ILS 3.2450 USD/MXN 20.6695 USD/CHF 0.9180 USD/INR 75.9100 USD/BRL 5.0460 USD/SGD 1.3573 USD/DKK 6.7130 USD/SEK 9.7100 USD/NOK 8.8840
A gauge of dollar strength closed at the highest level since 2020. Job market data is due out today and initial jobless claims continue to fall posting 215K
In Congressional testimony yesterday, Fed Chair Powell confirmed his support for a 25bp rate increase in March.GBPGBPUSD trading is rangebound as volatilities decline and traders wait for the results of round 2 talks between Ukraine and Russia.EUR
Euro slips below 1.11 handle as pressure continues on the currency.CAD
As expected, the Bank of Canada raised rates yesterday as the first big bank decision made following the Ukraine invasion. Despite soaring oil prices, the C$ remains mostly unchanged versus the dollar.ASIA/PACIFIC
USDJPY rose again slightly. The Japanese PM said his government would roll out an aid package to help offset the impacts of rising oil prices.
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.