ECB looks to prevent bank’s reaping windfall profits; Germany signals bailout tools to aid energy industry; Fresh scandal pours pressure on British PM
July 4, 2022
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.
GBP/USD 1.2111 GBP/EUR 1.1613 EUR/USD 1.0429 USD/CAD 1.2875 EUR/CHF 0.9994 EUR/SEK 10.7531 EUR/NOK 10.3519 EUR/DKK 7.4389 USD/ILS 3.5166 AUD/USD 0.6842 NZD/USD 0.6236 USD/SGD 1.3964 USD/JPY 135.38 USD/CNH 6.6944 USD/INR 78.9888 EUR/ILS 3.6673 GBP/ILS 4.2588 USD/ZAR 16.3392
Boris Johnson is under further pressure over his choice to appoint MP Chris Pincher as deputy chief whip despite claims and allegations of questionable sexual behaviour in the past.
Housing demand is slipping in the UK, notably in premium districts, as households suffer the longest run of salary declines since the 1950s.
GBPUSD trades 0.12% higher as we print.EUR
The ECB wants to halt bank’s receiving windfall profits from its pandemic subsidised lending program. The ECB has said it would be unacceptable to provide banks with taxpayer backed profit amid a cost-of-living crisis. Meanwhile, Germany has held talks with Uniper – the countries largest purchaser of Russian gas, with Berlin offering bailouts if the energy crunch worsens. The euro trades 0.14% higher against the dollar.USD
US markets are shut for the Independence Day break. US futures slipped as poor growth forecasts and persistent inflation continue to dampen sentiment.ASIA/PACIFIC
South Korea’s finance minister and central bank governor met to agree to pre-emptively act to prevent macro-economic risks with rates rising globally.
Japan’s ruling coalition is set to win a majority in the July 10th election. The BOJ has doubled down on its monetary easing policy.ILS
Yair Lapid, in his first speech as interim PM. Warned that Iran is the “gravest threat” to the country.
Israel is expected to raise its key rate by 50 bps to 1.25%. USDILS trades above 3.5 as we print, after breaking above that level throughout Thursday and Friday last week.Data & Events
Bank of Israel Rate Decision
Euro-Area Sentix Investor Confidence
Euro-Area July PPI
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