Spanish inflation eases, Pound climbs following two days of decline, Chinese unrest eases amid heavy police presence.
November 29, 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.
GBP/USD 1.2034 GBP/EUR 1.1595 EUR/USD 1.0379 USD/CAD 1.3428 EUR/CHF 0.9850 EUR/SEK 10.9070 EUR/NOK 10.3325 EUR/DKK 7.4370 USD/ILS 3.4375 AUD/USD 0.6731 NZD/USD 0.6236 USD/SGD 1.3721 USD/JPY 138.22 USD/CNH 7.1848 USD/INR 81.6925 EUR/ILS 3.5676 GBP/ILS 4.1366 USD/ZAR 17.0069
The pound is climbing after two days of decline trading around $1.20. UK market sentiment will be tested today as the Bank of England sells bonds it acquired during the market turmoil spurred by Liz Truss’ government. The bond auctions are beginning today and will be sold in a “demand-led” way designed to avoid any market destabilisation.
Yesterday saw the UK National grid warn that it may need to use special measures and pay households not to use high power consuming appliances. UK power prices surged following a sudden decline in wind output. The National Grid did not have to implement the tool after the UK’s energy supply improvedEUR
Spanish inflation appeared to ease through November. CPI fell to 6.8% from 7.3% the month prior. This print was significantly lower than the market consensus which saw inflation advancing to 7.4%. The slowdown was driven by declines in electricity and fuel costs. Europe’s largest economy, Germany will also release its CPI data later today. Year-on-Year CPI is expected to remain unchanged at 10.4%.USD
Federal Reserve policymakers stressed on Monday that they will raise borrowing costs further to curb inflation, with one key official saying that he sees interest rates heading somewhat higher than he had forecast. New York Fed President, John Williams, said that robust labour demand and higher underlying inflation suggest a modestly higher policy path.ASIA/PACIFIC
The South Korean won, and offshore yuan led most emerging currencies higher on the back of a softer dollar as China’s covid protest eased. Protests against China’s stringent covid regime failed to take place Monday night, as authorities deployed a heavy police presence in the capital and other major cities. Through November Asian currencies are set for their steepest monthly advance in more than six years.ILS
Israeli lawmaker Gafni, has proposed a freeze on mortgage rates, especially for the purchase of first homes by middle and low income households. USDILS trades slightly below yesterday close.Data & Events
UK Mortgage Approvals
Italy Oct. PPI
Germany Nov CPI
BoE Bailey testifies
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