Certainty over extent of tightening dissipates from Fed and ECB, Covid restrictions now weigh on 20% of China’s economy.
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FX Rates
November 22, 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.
Source: BloombergGBP/USD 1.1831 GBP/EUR 1.1525 EUR/USD 1.0267 USD/CAD 1.3416 EUR/CHF 0.9827 EUR/SEK 10.9692 EUR/NOK 10.4926 EUR/DKK 7.4379 USD/ILS 3.4806 AUD/USD 0.6630 NZD/USD 0.6133 USD/SGD 1.3800 USD/JPY 141.58 USD/CNH 7.1439 USD/INR 81.6963 EUR/ILS 3.5734 GBP/ILS 4.1183 USD/ZAR 17.3276
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GBP
The 1.5% leap in the two-year swap curve reference rate for mortgages that was seen during Liz Truss’ short stay in downing street, has been fully reversed, relieving much of the considerable pain in the mortgage rates. Higher mortgage rates will likely disproportionately affect younger generations, exacerbating the painful wealth and ownership divide.
Over the weekend, a story stating that Sunak’s government were pursuing a closer “Swiss-style relationship” with the European Union.
EURAs the Fed begins to tilt towards downshifting, a similar shift of opinion is occurring within the ECB’s governing council. On Monday alone, we have heard an assortment of voices, both arguing for and against a continuation of the jumbo hikes seen since September.
USDFederal Reserve officials have broadly maintained their steadfast stance to fight against inflation. However, SF President Mary Daly also said that officials need to be mindful of the lags in the transmission of policy changes. Meanwhile, her Cleveland counterpart Loretta Mester said she’s open to slowing the tempo of rate hikes.
Ahead of this week’s thanksgiving holiday in the US, the FOMC minutes (Wednesday) are likely to dictate the dollar’s strength this week. As the argument for further tightening becomes increasingly convoluted, the minutes will be scoured to reveal the lay of the land.
ASIA/PACIFICCovid control restrictions now weigh on nearly one-fifth of China’s economic output. There were 27,037 new cases yesterday.
South Korea’s household debt rose 1.4% last quarter from a year earlier, the slowest pace on record. Confidence fell to 86.5 for November from 88.8 last month.
ILSUSDILS trades 0.2% higher today above 3.47 through today.
Data & EventsHungary Rate Decision
Euro-area Nov. Consumer Confidence
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