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.
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FX Rates
April 12, 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 1.3004 GBP/EUR 1.1966 EUR/USD 1.0868 USD/CAD 1.2656 EUR/CHF 1.0152 EUR/SEK 10.3361 EUR/NOK 9.5933 EUR/DKK 7.4379 USD/ILS 3.2225 AUD/USD 0.7431 NZD/USD 0.6826 USD/SGD 1.3649 USD/JPY 125.61 USD/CNH 6.3783 USD/INR 76.0825 EUR/ILS 3.5016 GBP/ILS 4.1905 USD/ZAR 14.5543
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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.
EUREmmanuel 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.
USDThe 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/PACIFICThe 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.
ILSThe 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 & EventsThe 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.
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