.png){kind=logo}
Global bond losses accelerate to the largest on record; UK inflation reaches 6.2% a 30-year high; US and allies expected to announce new sanctions tomorrow.
-
FX Rates
March 23, 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 1.3226 GBP/EUR 1.2005 EUR/USD 1.1017 USD/CAD 1.2589 EUR/CHF 1.0296 EUR/SEK 10.4031 EUR/NOK 9.6804 EUR/DKK 7.4379 USD/ILS 3.2180 AUD/USD 0.7458 NZD/USD 0.6946 USD/SGD 1.3582 USD/JPY 120.95 USD/CNH 6.3879 USD/INR 76.2175 EUR/ILS 3.5451 GBP/ILS 4.2560 USD/ZAR 14.8212
-
GBP
UK inflation surged to a new 30-year high in February. Annual inflation was recorded as 6.2% surpassing expectations of a 6% rise. Rishi Sunak is expected announce help for Britons struggling with rising costs. He may reveal changes to fuel duty or national insurance thresholds; however, the underlying tone is expected to be responsible fiscal policy.
The UK and US have agreed to ease Trump-era tariffs. The UK government is expected to finance a year of spending without the help of the BoE.
GBPUSD trades down -0.16% as we print, after highs near 1.33 throughout the Asian session.
EURThe EU’s crackdown on Big Tech is expected to materialise with the bloc planning to unveil legislation to curb the market power of companies with a market cap greater than €75 billion, that run one ‘core platform service’ like a social network.
EU member states have disagreed on oil sanctions and as such the bloc will not immediately move to curb Russian imports.
EURUSD trades down -0.12%, the London open has seen European stocks edge higher.
USDShort-term treasuries have sunk to their worst quarterly performance in four decades, following Fed officials joining Jerome Powell in increasingly hawkish calls to hike rates. This comes as several Fed members came out seemingly more willing to accept a 50-bps hike, in what appears like a collective Fed move to avoid market tremors when the Fed inevitably does hike rates again.
NATO will meet tomorrow to discuss further sanctions. Ukraine’s Zelensky will take part via video link.
Gains were seen in the S&P500 up 1.13% and 1.95% for the NASDAQ.
ASIA/PACIFICChina aims to produce enough green hydrogen by 2025 to triple the global output, as it seeks to decarbonise.
India’s services and manufacturing activity has remained on course in February, according to key high-frequency indicators. Thailand is heading for back-to-back deficits amid poor tourist markets and rising energy costs.
New Zealand looks set to begin lifting covid restrictions as the omicron peak passes.
ILSUSDILS trades around 3.2 as we print, continuing a somewhat linear decline from the 3.3 levels seen in recent weeks.
Data & EventsUK – Chancellors Sprint statement
UK – Feb PPI
UK – House Price Index
ECB’s Nagel/Visco speaks
BOE’s Bailey speaks
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.
Subscribe to receive the Daily FX Update in your inbox.
By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at PrivacyOffice@svb.com. You can withdraw your consent at any time.
Thank you for subscribing to SVB's Daily FX Update.
You're almost done. Please check your email box and follow the instructions to confirm your subscription. If you did not receive an email please check your Spam or Bulk E-Mail folder just in case the confirmation email got delivered there instead of your inbox. If so, select the confirmation message and mark it Not Spam, which should allow future messages to get through. Please add us to your trusted list of senders, contacts or address book.
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. 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. |