ECB seen ending QE paving way for first hike. Explosion at LNG facility to interfere with energy supply chains; Boris rebrands government with new housing policy. Shanghai re-enters Lockdown, whilst Chinese exports surpass estimates.
-
FX Rates
June 9, 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 1.2511 GBP/EUR 1.1682 EUR/USD 1.0711 USD/CAD 1.2573 EUR/CHF 1.0482 EUR/SEK 10.5361 EUR/NOK 10.1639 EUR/DKK 7.4390 USD/ILS 3.3381 AUD/USD 0.7175 NZD/USD 0.6446 USD/SGD 1.3756 USD/JPY 133.87 USD/CNH 6.6893 USD/INR 77.7975 EUR/ILS 3.5752 GBP/ILS 4.1763 USD/ZAR 15.2636
-
GBP
Boris Johnson is attempting to rebrand his leadership, with a major announcement on housing policy today. He will vow to help savers and make mortgage financing easier to access.
GBPUSD trades down -0.23%, and the FTSE 100 closed down -0.08% outperforming European and US equities yesterday.
EURThe ECB is expected to end QE, paving the way for its first-rate hike since 2011 when officials meet today. Markets will closely scrutinise ECB chief Lagarde’s comments to gauge whether a 0.5% hike could be on the cards in July.
Natural gas prices have tumbled 11% following an explosion in a major US LNG terminal. Roughly 1/5 of US exports went via the Texas facility.
USDA study of yield curve behaviour in the US has determine that the chances of a recession before the latter half of 2024 are slim. Some CEOs see US inflation easing due to large inventories being accumulated by US businesses.
Biden announced a ‘Americas Partnership for Economic Prosperity’, a series of non-binding agreements that should help the Western Hemisphere bounce back from the pandemic.
ASIA/PACIFICAsian markets mostly fell after continuously high oil prices stoked inflation concerns, and Shanghai introduced new Covid measures, indicating that China has not yet broken free from its Omicron struggle. Roughly 2.7 million people have been lockdown in shanghai.
China’s exports grew 16.9% YoY in May, more than double the estimated pace. Imports also beat consensus rising 4.1%.
The Yen has made some recovery during today’s session, with USDJPY falling 0.3%, following weeks of sustained dollar strength.
ILSUSDILS trades flat on yesterdays close. USDILS is struggling to find directional momentum trading sideways since the 23rd May.
Data & EventsECB Monetary Policy
US Initial Jobless Claims
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. |