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    • Daily FX Update

    Daily FX Update

    • February 22, 2022

    Russia formally recognizes separatist republics, ordering Russia troops into Ukraine as part of a ‘peacekeeping’ operation, as the West scrambles to take punitive measures.  

    Looking for in-depth analysis of FX markets? Check out our latest FX Navigator.
    • FX Rates
      February 22, 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/USD1.3576
      GBP/EUR1.2016
      EUR/USD1.1298
      USD/CAD1.2764
      EUR/CHF1.0345
      EUR/SEK10.6981
      EUR/NOK10.1883
      EUR/DKK7.4403
      USD/ILS3.2322
      AUD/USD0.7196
      NZD/USD0.6709
      USD/SGD1.3484
      USD/JPY114.65
      USD/CNH6.3395
      USD/INR74.9563
      EUR/ILS3.6517
      GBP/ILS4.3879
      USD/ZAR15.2136

    • GBP

      Boris Johnson has announced the ending of all remaining Covid restrictions, with the aim to cut pandemic spending, as the UK moves into an endemic phase. The PM did stress caution that this does not mean that the pandemic is over, and new variants could pose a threat to public health.   

      The UK will announce its Russian sanction package soon, following critical comments from Foreign Secretary Liz Truss. 

      The FTSE trades down -1.19% on the day, and sterling trades down -0.18% against the dollar and up 0.25% against the Euro as we print. 

      EUR

      Emmanuel Macron continues to play peacemaker, however despite news of a potential French-brokered summit, tensions escalated following Russian intervention yesterday evening. EU leaders are meeting today for an emergency council to determine Russian sanctions. 

      A board of independent advisors have advised that the German government should break away from its tendency to issue short-term bonds, to improve financial stability. An ECB governing council member has commented that the ECB must take time to decide on the correct interest rate strategy as euro-area inflation is higher and more persistent than expected.  

      European equities are down on the day following a spike in Ukraine-Russian tensions. The STOXX and DAX are lower by -1.61% and -1.8% respectively.  

      USD

      Russian recognition of two separatist republics in the Donbas region has escalated European tensions. The US has declared the act a ‘clear attack’ on Ukrainian sovereignty. Meanwhile, the Ukrainian president Zelensky has stated that Putin has effectively legalized troops who have already been combatants in the region.  

      The invasion comes following a rambling national address from Putin, in which references are made to Ukraine as a ‘Bolshevik’ creation, that former soviet republics reneged on their commitments to repay soviet debt. Eyes will be on western leaders today to see what punitive measures are taken in response to the Russian incursion. 

      US Markets were closed yesterday for President’s Day, NASDAQ futures are down -2.4% following the risk on market, the DXY is up 0.2% 

      ASIA/PACIFIC

      The PBOC urged commercial banks to accelerate real estate lending, in efforts to correct a home-market slowdown, which is spreading throughout China. The PBOC also injected 90 billion yuan into the economy following the sale of reverse repurchase agreements.  

      Japan’s services PPI rose 1.2% YoY picking up marginally from December. The BOJ is likely to let yields on long-maturity bonds keep climbing as long as they remain in their desired range.  

      The Nikkei and Hang Seng closed lower by -1.71% and -2.69% in the Asian session. Furthermore, the CSI closed down -1.3% and Australian markets performed marginally better following the opening of borders, closing down only -1%. 

      ILS

      Israel has said it found no evidence that police illicitly targeted civilians with NSO spyware, contradicting widespread media reports that the Pegasus tool had been used against public officials. The Bank of Israel has left interest rates unchanged following yesterday’s meeting, however, did signal that they see rates gradually rising over the next few months.  

      USDILS is priced up 0.35% intraday around 3.23. 

      Data & Events

      Argus Oil Forum 

      International Energy Week begins 

      IT – Jan CPI 

       

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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.

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    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.

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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.

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