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    • Daily FX Update

    Daily FX Update

    • May 5, 2022

    Fed hikes by 0.5%, rolling off the balance sheet; BoE expected to raise rates by 0.25%. Stocks climb as Powell downplays 0.75% hike. 

    • FX Rates
      May 5, 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/USD1.2543
      GBP/EUR1.1834
      EUR/USD1.0600
      USD/CAD1.2750
      EUR/CHF1.0351
      EUR/SEK10.3351
      EUR/NOK9.8059
      EUR/DKK7.4411
      USD/ILS3.3781
      AUD/USD0.7226
      NZD/USD0.6517
      USD/SGD1.3777
      USD/JPY129.68
      USD/CNH6.6463
      USD/INR76.2150
      EUR/ILS3.5806
      GBP/ILS4.2371
      USD/ZAR15.5874

    • GBP

      The Bank of England is expected to see rates rise to 13-year highs and clarify its plans to sell some of its £847 billion in government bond holdings.  Swaps are pricing in 1.25% of further hikes by September. 

      GBPUSD trades lower -0.88% intraday, the FTSE100 has opened +1.45%, and despite the cost-of-living crisis, has outperformed European equities, up 3% YTD. 

      EUR

      The ECBs Fabio Panetta has stated that the European economy is de facto stagnating. Growth in the first quarter would have been zero without on-off growth spikes in a handful of nations.  

      Germany’s factory orders fell 4.7% MoM in March, a much steeper drop than forecasted, as Ukraine and a new Chinese covid wave triggers supply chain issues. 

      Spain and Portugal begin collaboration to cap the prices of natural gas used on the Iberian Peninsula. 

      USD

      The Federal Reserve raised rates by 0.5% as expected and hinted at a series of same-sized moves to come. Jerome Powell eased concerns around a 0.75% hike. The Fed will allow Treasuries and MBS to roll-off in June at an initial monthly pace of $47.5 billion. 

      The DXY is 0.2% higher as we print. US equities closed higher following Powell’s comments downplaying the likelihood of radical tightening.  

      ASIA/PACIFIC

      Biden’s strategy towards China is set to be outlined today. The address was delayed, and it is expected not to offer any major changes in US foreign policy. 

      The Yen could extend declines to 140 per dollar, by a fresh surge in Treasury yields. 

      ILS
      USDILS touched 3.39 yesterday, the last 24 hours has seen high volatility for the cross, trading between 3.35 and 3.39 
      Data & Events

      BoE Rate Decision 

      US Weekly Jobless Claims 

      OPEC Meeting 

      UK PMI  

    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

     
    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.

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    Daily FX Update: Dollar slips further as risk appetite returns

     
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    Daily FX Update: Dollar slides further as market mulls fed pace

     
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    Daily FX Update: Euro rallies on hawkish central bank rhetoric

     
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    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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