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    • Daily FX Update

    Daily FX Update

    • April 27, 2022

    EURUSD and GBPUSD find new yearly lows; Russia cuts off gas supplies to Poland and Bulgaria; Fears supply chain shocks could drive commodity-fuelled inflation higher. 

    • FX Rates
      April 27, 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/USD1.2566
      GBP/EUR1.1835
      EUR/USD1.0618
      USD/CAD1.2827
      EUR/CHF1.0245
      EUR/SEK10.4468
      EUR/NOK9.8178
      EUR/DKK7.4409
      USD/ILS3.3081
      AUD/USD0.7157
      NZD/USD0.6572
      USD/SGD1.3789
      USD/JPY127.92
      USD/CNH6.5848
      USD/INR76.6475
      EUR/ILS3.5122
      GBP/ILS4.1568
      USD/ZAR15.8736

    • GBP

      UK Ministers are proposing to slash food tariffs in a bid to ease the cost-of-living crisis. This would see levies on imported produces cut.  

      The UK government has faced criticism on the susceptibility of their pandemic stimulus programs to fraud. It is estimated that £4.9 billion was lost to fraud.  

      GBPUSD trades down -2.21% since the beginning of the week, continuing to break yearly lows.  

      EUR

      Poland and Bulgaria have been cut off from Russian gas supplies in retaliation to payments not being made in rubles, as requested by Vladimir Putin.  

      EURUSD has fallen to its lowest levels since 2017, as risk-off sentiment and policy divergence between the Fed and ECB add strength to the dollar. 

      USD

      US durable goods slipped below the consensus at 0.8% (consensus 1%). Consumer confidence also slipped from the estimate at 107.3. 

      The NASDAQ fell -4% following fears of tech earning like those seen in Netflix last month, the sell-off is repricing technology equities to the weaker growth environment. US pending home sales is expected to fall by 1%, despite rising mortgage rates. High wage growth is preventing an abrupt drop in demand. 

      The Dollar has strengthened to levels not seen since 2016. 

      ASIA/PACIFIC

      Chinese port activity has fallen below levels seen during the first outbreak in 2020.  

      JPY implied volatility has spiked, as the currency suffers collateral damage from the policy divergence between the Fed and BOJ.  

      ILS
      UDILS has rallied 4.1% over the last month breaching 3.3 levels yesterday.  
      Data & Events

      France April Consumer Confidence 

      ECB Three Speakers (Lane, Muller and Lagarde) 

      EIA Oil Inventory Report 

    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.

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    Please note that we will continue to send you communications that we need to send you (for example, to keep you updated on operational changes to your account, a product or a service) or that we are required to send you by law.

     Source: Bloomberg
     

    © 2022 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

     
    SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

    Daily FX Update: Rishi Sunak sets out measures to address the cost of living crisis in the UK, Global stocks rally with the adjusted risk-on sentiment

     
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    Daily FX Update: US will intervene should China invade Taiwan

     
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    Daily FX Update:Biden's Asia trip focuses on trade and defense

     
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    Daily FX Update: UK consumer confidence at 48-year low

     
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    © 2022 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 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 Financial Protection and Innovation (DFPI) 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. 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 Silicon Valley Bank 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 preference that affects clients of Silicon Valley Bank in the UK. Details of Silicon Valley Bank's UK Branch remuneration policies are here.
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