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    • Daily FX Update

    Daily FX Update

    • May 31, 2022

    Euro-area performance top of agenda; Fears of widespread power-cuts next winter in UK; China’s manufacturing remains in contractionary territory. 

    • FX Rates
      May 31, 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.
      Source: Bloomberg

      GBP/USD1.2613
      GBP/EUR1.1746
      EUR/USD1.0737
      USD/CAD1.2679
      EUR/CHF1.0318
      EUR/SEK10.5396
      EUR/NOK10.1581
      EUR/DKK7.4394
      USD/ILS3.3497
      AUD/USD0.7182
      NZD/USD0.6529
      USD/SGD1.3702
      USD/JPY127.66
      USD/CNH6.6741
      USD/INR77.6888
      EUR/ILS3.5964
      GBP/ILS4.2247
      USD/ZAR15.5823

    • GBP

      The FTSE 100 is set to open slightly lower on Tuesday, tracking caution throughout Europe amid renewed concerns on inflation, which might drive the BoE to raise rates faster than anticipated. 

      Fears of up to 6 million households facing power cuts next year, could force the UK to reopen its largest natural gas storage facility. 

      UK business confidence rose in May for the first time, according to Lloyds. 

      EUR

      Markets await key economic data today on euro-zone performance ahead of next week’s ECB meeting. Inflation is set to accelerate to new records across the euro-zone, following accelerating prices seen in  Germany and Spain yesterday, adding further pressure to the ECB to tighten monetary policy faster. 

      EU leaders have agreed to ban around 90% of all Russian oil imports.  

      USD

      The dollar could end the month in negative territory as investors weigh on fears of a global recession, and a potential dovish turn from the fed. Some reprieve may come from the Fed’s preferred price gauge (PCE Deflator), which on Friday slowed to 4.9% from 5.2% in March. 

      China and Russia have been attempting to reduce their reliance on the dollar, volumes on the RUBCNY have surged 1067% since the beginning of the war.  

      ASIA/PACIFIC
      China’s manufacturing PMI gained to 49.6, from 47.8 but remained in contractionary territory as Chinese industry continues to struggle with covid restrictions. Shanghai announced it will allow people in areas deemed low risk to move around freely from tomorrow, but residents must submit to PCR testing every three days.  
      ILS
      Despite slipping to near 3.1 during yesterday’s session, following a dollar retreat, USDILS recovered to levels near 3.34 throughout the day. It currently trades 0.33% on the day. 
      Data & Events

      France CPI, PPI, 1Q GDP 

      Germany Unemployment 

      Italy CPI, 1Q GDP 

    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.

    Contact Us

    For more analysis on FX markets or information regarding SVB's FX services:

    Contact your respective Global Market Risk Solutions Advisor.
    0800 023 1440 from within the UK
    +44 207 367 7880 from overseas

    See all of SVB's latest FX information and commentary.

    Subscribe to receive FX updates to your inbox.


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     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.

    FSCS Icon

    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.

    Insights from SVB Industry Experts

     
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    © 2023 SVB Financial Group. All rights reserved. SVB Financial Group (SVB) is the holding company for all business units and groups. 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 UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146).

    Silicon Valley Bank UK Limited is a subsidiary of Silicon Valley Bank, a Delaware corporation and subsidiary of SVB Financial Group. 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.

    FSCS IconSilicon Valley Bank UK Limited is covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. In relation to the Financial Services Compensation Scheme, please ensure that you review the important information on depositor protection that affects clients of Silicon Valley Bank UK Limited in the UK. Details of the remuneration policies at Silicon Valley Bank UK Limited can be found here.
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