Sterling and Euro extend gains, UK Wages grow at fastest pace in over a year, ECB’s Villeroy encouraged by slowing inflation in US.
-
FX Rates
November 15, 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 1.1829 GBP/EUR 1.1379 EUR/USD 1.0396 USD/CAD 1.3275 EUR/CHF 0.9776 EUR/SEK 10.7933 EUR/NOK 10.3543 EUR/DKK 7.4385 USD/ILS 3.4348 AUD/USD 0.6743 NZD/USD 0.6143 USD/SGD 1.3681 USD/JPY 139.43 USD/CNH 7.0352 USD/INR 81.1713 EUR/ILS 3.5707 GBP/ILS 4.0629 USD/ZAR 17.2404
-
GBP
UK wages grew at the fastest pace in more than a year through the third quarter, adding to inflationary pressures that continue to worry policymakers at the Bank of England. Average weekly earnings rose 5.7% from a year ago, the most since August 2021. The figures underline the case for the central bank to keep raising interest rates.
Jeremy Hunt is expected to be planning tax hikes and spending cuts raising a little over £50 billion. This is expected to be enough to get debt falling in the medium term. Hunt’s austere plans may amount to just 1/3 of the consolidation under George Osborne back in 2010.
GBPUSD extends gain above 1.18, trading 0.7% higher intraday.
EURECB Council member Villeroy has stated that signs of inflation peaking in the US are a relief for policy makers around the world who have been raising interest rates at a record pace to combat price pressures. Villeroy said this was a positive sign in the global battle against soaring inflation.
The Euro has gained 0.8% intraday as we print.
USDSoaring mortgage rates are increasingly discouraging Americans from moving in the current year, with only 14.4% saying they are likely to change their primary residence.
US PPI is expected to slow to 8.3% this year, adding to last week’s CPI which showed that the Fed’s high rate environment is beginning to weigh on inflation.
ASIA/PACIFICJoe Biden and Xi Jinping met in Bali at the G20 meeting. Biden told China its Taiwan policy was aggressive, with several contentious issues being raised during the three-hour meeting. It is hoped that some form of climate cooperation could return between the US and China.
Japan’s economy unexpectedly contracted at an annualised pace of 1.2% in the third quarter, slipping into reverse for the first time since last year.
ILSIsrael’s trade deficit widened to $3.793 Bn in October according to the Central Bureau of Statistics.
Data & EventsEurozone 3Q GDP
G-20 Summit continues.
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.
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.
| Source: Bloomberg | |
© 2023 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. |