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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.”
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FX Rates
July 20, 2021Rates 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 1.1769 GBP/USD 1.3609 USD/CAD 1.2749 AUD/USD 0.7323 USD/JPY 109.54 USD/CNH 6.4835 USD/ILS 3.2978 USD/MXN 20.1518 USD/CHF 0.9217 USD/INR 74.6163 USD/BRL 5.2753 USD/SGD 1.3680 USD/DKK 6.3210 USD/SEK 8.7169 USD/NOK 9.0711
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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.
GBPSterling 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.
EUREUR/USD is trading lower, hitting 1.1765 following Italy’s 5-year yield which turned negative for the first time since April.CADUSD/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/PACIFICUSD/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.
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| Source: Bloomberg | |
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