Shares fall on Powell’s tone at Jackson Hole, Germany and France keen to remain tough on Russia, PBOC fixed the Yuan higher than expected.
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FX Rates
August 30, 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 1.1743 GBP/EUR 1.1715 EUR/USD 1.0024 USD/CAD 1.2976 EUR/CHF 0.9720 EUR/SEK 10.6554 EUR/NOK 9.7335 EUR/DKK 7.4378 USD/ILS 3.3108 AUD/USD 0.6947 NZD/USD 0.6191 USD/SGD 1.3952 USD/JPY 138.28 USD/CNH 6.9127 USD/INR 79.5225 EUR/ILS 3.3186 GBP/ILS 3.8877 USD/ZAR 16.7662
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GBP
Conservative candidate Liz Truss was criticised yesterday over her policy recommendations by experts. Her plans were described as ‘inappropriate’ and risked exacerbating inflation. Meanwhile, incumbent chancellor has been working on additional measures to help the UK economy cope with surging energy prices.
GBPUSD trades lower at 1.1713, down by roughly 1%.
EURGermany and France are spearheading an initiative to remain tough on Russia, focusing on countering propaganda, and granting visa’s to Russian citizens.
Data may show inflation speeding up in Germany, whilst slowing in Spain. German CPI is seen rising 8.8% in August, Spanish inflation is expectedUSDGlobal shares fell on Friday following Jerome Powell’s hawkish tone at the Jackson Hole Symposium. Neel Kashkari was ‘happy’ that markets now understood the Federal Reserves continued commitment to fighting inflation. The Fed’s tightening will kick into the next gear today with the central bank set to reduce its $9 trillion portfolio, boosting its monthly caps for the number of treasuries it will allow to mature.
ASIA/PACIFICPakistan secured a $1.16 billion bailout from the IMF, amid political turmoil and severe flooding which has killed more than 1,000 people.
The PBOC fixed the Yuan at 6.8802 per dollar, 250 pips higher than the estimated fixing.
ILSUSDILS broke above 3.3 through yesterday, gaining over 1% from its close last weekData & EventsEuro-Area Economic Confidence
Germany CPI
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