ECB must be more aggressive on inflation says survey, UK inflation to hit 14% - Chamber of Commerce, bonds slip into global bear market.
September 2, 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 1.1565 GBP/EUR 1.1570 EUR/USD 0.9995 USD/CAD 1.3144 EUR/CHF 0.9784 EUR/SEK 10.7471 EUR/NOK 10.0185 EUR/DKK 7.4369 USD/ILS 3.3739 AUD/USD 0.6800 NZD/USD 0.6079 USD/SGD 1.4022 USD/JPY 140.24 USD/CNH 6.9094 USD/INR 79.7979 EUR/ILS 3.3723 GBP/ILS 3.9019 USD/ZAR 17.2873
British employers added the most new jobs so far this year, and the second highest number on record.
The British chamber of commerce forecast has determined that the UK is already in the midst of a recession with inflation set to hit 14% this year.EUR
A survey of economist has determined that the ECB must be more aggressive in fighting inflation. 66% of respondents said the ECB has responded too slowly, and now see rates rising to 1.5% in September. Previous expectations saw interest rates peaking at 1.25%.
The Nord Stream pipeline has been closed for three days and is set to resume operation tomorrow. Germany and the EU continue to fear future closures as winter looms.USD
Bonds slipped into their first bear market in a generation, as central bankers globally are making aggressive pivots to combat inflation.
The dollar almost reached yearly highs once again ahead of jobs data. Jobs data will likely weigh on the Fed’s policy path. Consensus sees jobs increasing by roughly 300,000, noticeably short of last month’s 528,000 increase.ASIA/PACIFIC
South Korean inflation eased more than expected in August reducing pressure on the Korean central bank to deliver another large hike.
Australia is also set to raise migration quotas to ease a worsening labour crisis.ILS
USDILS trades slightly lower through today, after briefly breaking through 3.4 yesterday for the first time in over a month.Data & Events
US Jobs Report
US July Factory Orders
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