Euro-area performance top of agenda; Fears of widespread power-cuts next winter in UK; China’s manufacturing remains in contractionary territory.
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FX Rates
May 31, 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 1.2613 GBP/EUR 1.1746 EUR/USD 1.0737 USD/CAD 1.2679 EUR/CHF 1.0318 EUR/SEK 10.5396 EUR/NOK 10.1581 EUR/DKK 7.4394 USD/ILS 3.3497 AUD/USD 0.7182 NZD/USD 0.6529 USD/SGD 1.3702 USD/JPY 127.66 USD/CNH 6.6741 USD/INR 77.6888 EUR/ILS 3.5964 GBP/ILS 4.2247 USD/ZAR 15.5823
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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.
EURMarkets 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.
USDThe 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/PACIFICChina’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.ILSDespite 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 & EventsFrance CPI, PPI, 1Q GDP
Germany Unemployment
Italy CPI, 1Q GDP
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| Source: Bloomberg | |
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