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    • Daily FX Update

    Daily FX Update

    • April 22, 2022
    The pound has tumbled to the lowest level since November 2020, as the cost-of-living crisis causes retail sales to fall. The DXY trades higher as Jerome Powell confirms plans for a 50bps rate hike in May.
    "The price of greatness is responsibility." 
    Gandhi
    • FX Rates
      April 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/USD1.2865
      GBP/EUR1.1908
      EUR/USD1.0803
      USD/CAD1.2680
      EUR/CHF1.0321
      EUR/SEK10.2934
      EUR/NOK9.6675
      EUR/DKK7.4404
      USD/ILS3.2593
      AUD/USD0.7299
      NZD/USD0.6668
      USD/SGD1.3667
      USD/JPY128.47
      USD/CNH6.5330
      USD/INR76.48
      EUR/ILS3.5236
      GBP/ILS4.1941
      USD/ZAR15.5725

    • GBP

      The pound has hit its lowest level since November 2020, when the UK was in a coronavirus lockdown, as a number of reports released this morning suggested that the economic recovery is starting to slow. Retail sales tumbled, falling 1.4% month on month.

      As consumers face a cost-of-living crisis due to surging energy bills, higher taxes and the strongest inflation in decades, attention will turn to the government’s ability to support UK households and the Bank of England’s approach to bring inflation back to its 2% target level.

      EUR

      The euro opened the morning on the backfoot as France and Germany reported PMIs below consensus estimates. Continued pressure remains on the shared currency as uncertainty surrounding the outcome of the French Elections weighs on sentiment.

      On the equity market, the Stoxx 50 currently trades in negative territory while EURUSD tests support at the 1.08 handle.

      USD

      The dollar rallied and treasuries declined yesterday, after Jerome Powell commented that the Fed are likely to raise rates by 0.5% in May. He also confirmed that the central bank will start quantitative tightening.  The DXY is trading 0.4% higher this morning, the highest level since July 2020, with losses from the Pound contributing to the rally. EURUSD is down 0.3% whilst cable has lost 1.2% on the European open to trade below 1.2900 at time of writing.  

      Nasdaq and S&P futures closed the day flat after a volatile day of trading. More than 80% of released earnings reports on the S&P have beaten estimates, supporting claims of a broad based recovery.

      ASIA/PACIFIC

      Manufacturing and services PMI gauges in Japan confirmed each sector recorded an expansion for the month of April, narrowly printing above the key 50 level. On the equity front, the Nikkei shed over 1.5% overnight and the yen trades flat against the dollar.

      Elsewhere, equities broadly closed lower while the dollar grinded higher against counterparts in the region, in-line with wider market sentiment
      ILS
      USDILS trades 0.5% higher this morning amid broad Dollar strength. The pair is up 1.6% higher on the week.
      Data & Events
      UK - Manufacturing/Services/Composite PMI
              Retail Sales
      US - Manufacturing/Services/Composite PMI
      Euro Area - Manufacturing/Services/Composite PMI

    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.

    Contact Us

    For more analysis on FX markets or information regarding SVB's FX services:

    Contact your respective Global Market Risk Solutions Advisor.
    0800 023 1440 from within the UK
    +44 207 367 7880 from overseas

    See all of SVB's latest FX information and commentary.

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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.

    FSCS Icon

    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.

    Daily FX Update: Rishi Sunak sets out measures to address the cost of living crisis in the UK, Global stocks rally with the adjusted risk-on sentiment

     
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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.

    FSCS Icon Silicon Valley Bank is covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. In relation to the Financial Services Compensation Scheme, please ensure that you review the important information on depositor preference that affects clients of Silicon Valley Bank in the UK. Details of Silicon Valley Bank's UK Branch remuneration policies are here.
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