UK economy contracted in 2Q, Biden prepares re-election bid, Italy’s center-right parties reach agreement on a coalition.
-
FX Rates
August 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 1.2181 GBP/EUR 1.1833 EUR/USD 1.0294 USD/CAD 1.2743 EUR/CHF 0.9696 EUR/SEK 10.4092 EUR/NOK 9.7974 EUR/DKK 7.4397 USD/ILS 3.2479 AUD/USD 0.7125 NZD/USD 0.6454 USD/SGD 1.3705 USD/JPY 133.23 USD/CNH 6.7339 USD/INR 79.7000 EUR/ILS 3.3432 GBP/ILS 3.9561 USD/ZAR 16.1855
-
GBP
The UK economy shrank in the second quarter for the first time since the pandemic, GDP slipped 0.1%, beating expectations for a greater contraction.
Liz Truss ruled out a fresh windfall tax on energy companies should she become PM, while Rishi Sunak pledged another £10 billion to help consumers cover energy costs.
EURItaly’s center-right parties have reached an agreement on a coalition, potentially ending what has been weeks of political turmoil following Draghi’s resignation.
EURUSD trades down 0.25%, edging below the 1.03 level, European equities have opened higher with he Stoxx trading up 0.35% as we print.
USDJoe Biden is supposedly preparing a re-election bid according to aides and allies, bolstered by policy victories.
Mary Daly has reiterated her case of a 50-bps Fed rate hike increase; however, she does have an open mind about another large rate hike, with swap markets currently pricing in 0.6% of tightening.
ASIA/PACIFICChina may be ready to curb some of the excess liquidity sloshing around in the banking system. Consensus see the PBOC offering less cash than that maturing this month.
The Malaysian economy grew 8.9% YoY in the second quarter, beating estimates. Indian inflation may have eased to 6.8% in July from 7% in June.
ILSUSDILS trades 0.16% lower at 3.24, continuing a prolonged period of shekel strength against the dollar, as USDILS has slipped from highs seen in early July.
Data & EventsEuro-area June Industrial Production
University of Michigan Sentiment
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 | |
© 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. 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. |