Fed seen continuing with aggressive tightening off robust labour data, ECB injects €17 billion into Mediterranean debt markets, Ceasefire ends three-day conflict in Gaza.
-
FX Rates
August 8, 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 1.2120 GBP/EUR 1.1870 EUR/USD 1.0211 USD/CAD 1.2893 EUR/CHF 0.9773 EUR/SEK 10.3822 EUR/NOK 9.9489 EUR/DKK 7.4403 USD/ILS 3.3318 AUD/USD 0.6970 NZD/USD 0.6269 USD/SGD 1.3785 USD/JPY 135.00 USD/CNH 6.7624 USD/INR 79.5425 EUR/ILS 3.4021 GBP/ILS 4.0380 USD/ZAR 16.6776
-
GBP
The telegraph has stated that Liz Truss might ask the BoE to abandon its 2% inflation target in favour of boosting economic growth. UK GDP is expected to shrink -0.2% in 2Q.
GBPUSD trades 25-bps higher as we print, following slight dollar weakness globally.
EUREuropean bonds have been their most turbulent on record, with the yield on Germany’s benchmark bond oscillating by 10-bps on almost 80-days this year.
Italy’s sovereign rating outlook has been lowered to negative by Moody’s amid political turmoil, following Draghi’s exit.
The ECB has injected €17 billion into Italian, Spanish and Greek debt markets.
USDSwap markets see the Fed continuing with large rate hikes through September, with 69-bps currently priced in for the September meeting. This echo’s calls from some FOMC members that tightening should continue until inflation subsides sharply and will be emboldened by last week’s robust labour data.
The senate passed the Democrats landmark tax, climate and healthcare bill, clearing the path for Joe Biden’s agenda to become law. The GOP warn that the bill could deepen a looming recession.
Donald Trump led the field in the latest 2024 presidential straw poll.
ASIA/PACIFICChina’s CPI could soon surpass 3% the CICC has said, advancing past the government target. Hong Kong has shortened it hotel quarantine requirement for visitors to three days.
Japan has said two Chinese ships entered its waters near the disputed Senkaku Islands.
ILSUSDILS has slipped -0.6% through Monday morning. A ceasefire has come into effect in Gaza, following three days of conflict in the region.
Data & EventsEuro-Area Sentix Investor Confidence
Greece July CPI
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. |