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    • Daily FX Update

    USD remains strong against its peers

    Cate Camerota Headshot
    Cate Camerota
    • July 20, 2021

    Concern regarding the delta variant of Covid has investors moving away from risk-on moves. Yesterday, derivative traders pushed out expectations for Fed rate hikes from January 2023 to March 2023. The market is now pricing in 18 bps lower for Fed rates for June 2024. The greenback remains strong against its peers even as oil prices and Treasuries have stabilized.

    “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” 

    Michelangelo
    • FX Rates
      July 20, 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/USD1.1769
      GBP/USD1.3609
      USD/CAD1.2749
      AUD/USD0.7323
      USD/JPY109.54
      USD/CNH6.4835
      USD/ILS3.2978
      USD/MXN20.1518
      USD/CHF0.9217
      USD/INR74.6163
      USD/BRL5.2753
      USD/SGD1.3680
      USD/DKK6.3210
      USD/SEK8.7169
      USD/NOK9.0711

    • USD

      The greenback hit a fresh cycle high before erasing gains as oil and Treasuries normalized. Investors move to dial back risk-taking amidst the resurgence of Covid cases despite widespread vaccination.

      GBP

      Sterling is down for a fourth day, falling as low as 1.3588. Comments from Bank of England policymaker Catherine Man “not be premature in terms of tightening monetary policy” caused the downward pressure on the pound.

      EUR
      EUR/USD is trading lower, hitting 1.1765 following Italy’s 5-year yield which turned negative for the first time since April.
      CAD
      USD/CAD holds above 1.2750 despite the weaker oil selloff. Yesterday WTI fell almost 7%. Today, the commodity has started the trading session trading flat within the mid $66/bbl limiting further losses for the loonie.
      ASIA/PACIFIC

      USD/JPY is trading slightly higher as traders take short-term profits. The New Zealand dollar leads losses for G10 currencies falling as much as 0.8%, the lowest since November.

    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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    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.

     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
    • View Author Profile
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    Insights from SVB Industry Experts

     
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