Diplomatic efforts to quell Ukraine crisis struggle, UK living standards falling at fastest rate since 2013.
-
FX Rates
February 15, 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 1.3560 GBP/EUR 1.1948 EUR/USD 1.1348 USD/CAD 1.2715 EUR/CHF 1.0480 EUR/SEK 10.5650 EUR/NOK 10.0599 EUR/DKK 7.4423 USD/ILS 3.2387 AUD/USD 0.7152 NZD/USD 0.6638 USD/SGD 1.3458 USD/JPY 115.56 USD/CNH 6.3512 USD/INR 75.4438 EUR/ILS 3.6754 GBP/ILS 4.3916 USD/ZAR 15.0432
-
GBP
UK living standards are falling rapidly, with inflation adjusted wages falling 1.5% last year. The number of employees on payrolls increased by 108,000 in January. The workforce is 436,000 larger than pre-pandemic levels. UK job vacancies also rose by 513,700 in the three months to January.
The FTSE100 closed -1.69% lower yesterday however has reversed losses to open 0.27% higher this morning. GBPUSD trades 0.24% higher as we print.
EURUkraine’s Zelensky shook markets after claiming that Wednesday would see Russia begin military action. This was soon clarified that Zelensky was making a sarcastic quip. Euro-area GDP growth is projected to stay at 0.3% in Q4 2022. Spanish January inflation is expected at 6%.
European markets declined yesterday due to geopolitical risk. The STOXX 600 closed 1.83% lower, whilst the DAX lost 2.02%. EURUSD trades 0.23% higher intraday.
USDThe US announced that a diplomatic resolution seems increasingly unlikely, as Russian military preparations continue. This comes despite comments from the Russian foreign minister that the stand-off might be resolved peacefully, claiming there was still a ‘way forward’.
The Fed has expressed concern at leveraged lending over ‘weak loan structures’, most of this debt is held by non-bank firms.
A mixed day for US markets yesterday, the Dow Jones closed lower by -0.29% meanwhile the NASDAQ finished up 0.23%. The DXY trades down -0.17% as we print.
ASIA/PACIFICChinese shares outperformed yesterday following a PBOC policy announcement to aid growth, offering $15.7 billion into the banking system through loans.
Japan’s economy grew with GDP accelerating to an annual pace of 5.4% in the three months through December. The BOJ continues with fixed-rate bond buying.
Asian equities outside mainland China have struggled throughout today’s session. The Nikkei and Hang Seng closed lower by -0.79% and -0.82% respectively. The CSI saw growth of the back of PBOC policy, gaining 1.06%.
ILSUSDILS currently trades down 0.32% at 3.244. The pair has gained 3.62% over the last month.
Israel’s TA-35 rises 0.4% in early trading.
Data & EventsGermany’s Scholz holds talks with Putin.
UK – Jan Jobless claim
ES – Jan CPI
EU - 4Q GDP
DE – ZEW Survey
Risk Statement
Trading in financial instruments may involve a high degree of risk and may not be suitable for all investors. Trading in financial instruments can result in both loss and profit. Investors should carefully consider whether financial instruments suit their needs, financial resources and personal circumstances.
The information contained in this material is solely for informational purposes only and it is not and should not be construed as an offer or a solicitation of an offer to buy or sell any financial instruments and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated prices. This material does not contrue advice.
For more analysis on FX markets or information regarding SVB's FX services:
0800 023 1440 from within the UK
+44 207 367 7880 from overseas
See all of SVB's latest FX information and commentary.
| Source: Bloomberg | |
© 2023 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. 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). Silicon Valley Bank is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group, a Delaware corporation and is an affiliate of SVB Financial Group UK Limited. SVB Financial Group UK Ltd is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK under No. 5572575 and is authorised and regulated by the Financial Conduct Authority, with reference number 446159. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC. Your eligible deposits with Silicon Valley Bank UK are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit http://www.fscs.org.uk. For more detailed information about coverage and limits, please review our FSCS Information Sheet at http://www.fscs.org.uk. 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. Opinions expressed are our opinions as of the date of this content only. The material is based upon information which we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. |