Party gate penalties are expected to be issued today. Global supply chains are worsening. Yen hits six-year low.
March 29, 2022
GBP/USD 1.3091 GBP/EUR 1.1900 EUR/USD 1.1900 USD/CAD 1.2504 EUR/CHF 1.0289 EUR/SEK 10.3722 EUR/NOK 9.5512 EUR/DKK 7.4377 USD/ILS 3.2139 AUD/USD 0.7501 NZD/USD 0.6891 USD/SGD 1.3608 USD/JPY 123.49 USD/CNH 6.3847 USD/INR 76.1138 EUR/ILS 3.5358 GBP/ILS 4.2072 USD/ZAR 14.6970
The Metropolitan Police are expected to release the first fines for Downing Streets Lockdown parties. The PM is unlikely to be the direct target of police action today, however, he had repeatedly insisted that no rules were broken.
Rishi Sunak defended his 2024 income tax cut, suggesting it is to impose discipline on the UK government after the pandemic rapidly expanded public spending.
EURGBP trades higher by 0.17%. and GBPUSD trades up 0.1%. Global shares climbed with the FTSE gaining 0.75% on open.EUR
The EU is facing a divided recovering and economic outlook, as inflationary pressures and the threat of stagflation will likely affect member states differently.
Russian and Ukranian delegates have arrived in Istanbul for the first face-to-face talks in a fortnight. Ukraine has said its top priority is to negotiate a ceasefire with Russia although remains sceptical about their intentions.
The euro has found early strength against the dollar up 0.2%. the Stoxx 600 advanced, up 1% at time of writing.USD
Joe Biden has reiterated his previous comments that Putin “cannot remain in power”, defending them as an expression of his outrage over the conflict in Ukraine.
Bets on aggressive US monetary tightening have continued to undermine shorter maturity treasuries, whilst Government bond yields climbed.
The DXY is trading 0.12% lower as we print. US equity futures rose as sentiment was boosted by upcoming Russia/Ukraine ceasefire talks.ASIA/PACIFIC
The Yen traded around a six-year low yesterday as the BOJ intervened in the bond market. Japan’s jobless rate fell slightly to 2.7% in Feb, down from 2.8% in Jan.
Australia will highlight its strong outlook for the economy in its budget today, primarily aiming to boost prospects in upcoming elections.ILS
USDILS appears to have stabilised over the last week, trading in a tight range between 3.21 and 3.23. Intraday USDILS trades down -0.2%.Data & Events
FR – Consumer Confidence
UK – Mortgage approvals
US – House price Index
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.
© 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.