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    • Daily FX Update

    Daily FX Update

    • February 10, 2022

    Global stocks rally as positive earnings reports boost sentiment. Sterling loses ground as UK Politics and Brexit woes continue to apply pressure. 

     

    "Don't be afraid to give up the good, to go for the great." 
    John D. Rockefeller
    • FX Rates
      February 10, 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/USD1.3550
      GBP/EUR1.1849
      EUR/USD1.1434
      USD/CAD1.2674
      EUR/CHF1.0560
      EUR/SEK10.4719
      EUR/NOK10.0714
      EUR/DKK7.4415
      USD/ILS3.2181
      AUD/USD0.7185
      NZD/USD0.6687
      USD/SGD1.3418
      USD/JPY115.76
      USD/CNH6.3618
      USD/INR74.9775
      EUR/ILS3.6805
      GBP/ILS4.3585
      USD/ZAR15.1309

    • GBP

      Bank of England Chief Economist Huw Pill called for a “measured” approach to rate hikes, voicing concerns about taking “unusually large policy steps”. He echoed counterparts from across the pond, confirming that a data driven approach will most likely be the key driver in decision making.

      Sterling lost ground against the Dollar and Euro yesterday, as UK politics, Brexit and Central Bank rhetoric continue to add downward pressure. The FTSE is trading 0.25% higher since the London open.

      EUR

      The European Commission launched its first post-Brexit court case yesterday against the UK, a move likely to increase tensions between London and Brussels. The British government has been referred to the European Court of Justice for breaching EU law in February 2020, regarding an order on the Romanian government.

      European stocks gained as robust earnings buoyed sentiment. The Stoxx 600 advanced for a fourth day, as upbeat results from the likes of AstraZeneca, Societe Generale and Siemens spurred the rally. EURUSD lacks momentum, trading with a narrow 50pip range on the week so far.

      USD

      The Nasdaq and S&P 500 rose yesterday as Wall Street reacted to positive earnings from the likes of Uber and Walt Disney. Treasury yields slipped ahead of today’s Inflation data and any indications of how aggressively the Fed may tighten monetary policy. The Dollar is little changed on the week so far, up less than 0.1%.

      Fed members Mester and Bostic have reaffirmed all options are on the table for the size of their first interest rate increase in March. Both cited that incoming data will determine whether a 25 or 50 bp hike is appropriate, however Mester doesn’t see a “compelling case” to start with a half percentage-point increase.

      ASIA/PACIFIC

      Bank of Japan Governor Kuroda has said that there is “no chance” the central bank will reduce easing or begin tightening policy, as the chance of Japan seeing inflationary pressures like other countries are facing is “very low”.  The Japanese Yen trades at one month lows against the Dollar.

      Asian stocks posted gains, with the Topix and Shanghai Composite adding 0.5% and 0.2% respectively. The Indian Rupee dropped 0.2% against the Dollar, while bonds advanced, as the central bank left the reverse repo rate unchanged.

      ILS

      USDILS has gained 0.6% on the week so far, to reach the highest levels since October. The pair is up 0.2% intraday as investors await Januarys Consumer Confidence figures.

      Data & Events
      US - Core Inflation 
             Continuing and Initial jobless claims

      UK - BoE Governor Bailey speech

      Euro Area - ECB members speak

    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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     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:Biden's Asia trip focuses on trade and defense

     
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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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