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    • Daily FX Update

    Daily FX Update

    • April 12, 2022

    10-year treasury yields rise above 2.8%, whilst the Dollar continues to climb as investors prepare for today's CPI data. Emmanuel Macron will face Marine Le Pen in the run-off vote as he wins the first round of the French election.

    "If things seem under control, you are just not going fast enough." 
    Mario Andretti
    • FX Rates
      April 12, 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/USD1.3004
      GBP/EUR1.1966
      EUR/USD1.0868
      USD/CAD1.2656
      EUR/CHF1.0152
      EUR/SEK10.3361
      EUR/NOK9.5933
      EUR/DKK7.4379
      USD/ILS3.2225
      AUD/USD0.7431
      NZD/USD0.6826
      USD/SGD1.3649
      USD/JPY125.61
      USD/CNH6.3783
      USD/INR76.0825
      EUR/ILS3.5016
      GBP/ILS4.1905
      USD/ZAR14.5543

    • GBP

      The pound declined against the Dollar and Euro yesterday, as growth slowed more than expected in February. UK GDP rose 0.1% for the month, against 0.3% expectations and down from 0.8% in January. The FTSE has opened in the red, trading 0.8% lower at time of writing.

      UK living standards fell at the quickest pace in over eight years, as wage growth trailed behind inflation in February. Despite unemployment falling to the lowest level since the end of 2019, the soaring cost of living is overshadowing the UKs strong labour market.

      EUR

      Emmanuel Macron won the first round of the French election with 27.6% of the vote. He will face Marine Le Pen in the run-off on April 24th, with opinion polls suggesting the final result could be a lot closer at 51%-49%.

      EURUSD has declined 0.18% this morning, whilst the European Stoxx 600 fell 1.2% as US treasuries yields continue to climb, banking and retail stocks led the decline. European natural gas prices rallied, following a week of declines, as Russian supplies through Ukraine are expected to drop.

      USD

      The Dollar spot index advanced in its ninth-consecutive session gain, as traders await todays CPI data, where a print of more than 8% YoY is expected. 10-year treasury yields rose above 2.8%, the highest level since December 2018, as all signs continue to point to expectations of the fastest monetary tightening since the early nineties.

      Economic Adviser to the President has said that the US are facing “a lot of uncertainty” in the coming months, as it continues to contend with rising inflation and supply-chain issues. Bloomberg surveys show the chance of recession over the next 12 months increased to 27.5% from 20% last month.

      ASIA/PACIFIC

      The Yen has declined to near 20-year lows against the Dollar, ahead of todays US CPI data and ongoing policy divergence. Japanese Finance Minister Suzuki has heightened warnings over the depreciation, confirming the government will be monitoring the situation closely.

      Chinese stocks gained despite a global turndown, as speculation increased that policy makers will provide additional support to the economy amid the worsening Covid outbreak. The CSI 300 and Hang Seng gained 2% and 1.5% respectively.

      ILS

      The Bank of Israel raised interest rates more than expected yesterday, the first tightening of policy since 2018. The monetary committee increased its key interest rate to 0.35% from 0.1%. The shekel gained on the announcement, adding 0.6% intraday. Gains have reversed this morning, with USDILS 0.25% higher at time of writing.  

      Data & Events

      The Yen has declined to near 20-year lows against the Dollar, ahead of todays US CPI data and ongoing policy divergence. Japanese Finance Minister Suzuki has heightened warnings over the depreciation, confirming the government will be monitoring the situation closely.

      Chinese stocks gained despite a global turndown, as speculation increased that policy makers will provide additional support to the economy amid the worsening Covid outbreak. The CSI 300 and Hang Seng gained 2% and 1.5% respectively.

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

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     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.

    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

     
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    © 2023 SVB Financial Group. All rights reserved. SVB Financial Group (SVB) is the holding company for all business units and groups. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license

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    Silicon Valley Bank UK Limited is a subsidiary of Silicon Valley Bank, a Delaware corporation and subsidiary of SVB Financial Group. 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 IconSilicon Valley Bank UK Limited 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 protection that affects clients of Silicon Valley Bank UK Limited in the UK. Details of the remuneration policies at Silicon Valley Bank UK Limited can be found here.
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