UK house prices fall at sharpest pace in 14 years, Euro-area economy expands faster than anticipated, China makes pivot on covid-zero policy
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FX Rates
December 7, 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 1.2153 GBP/EUR 1.1585 EUR/USD 1.0490 USD/CAD 1.3688 EUR/CHF 0.9886 EUR/SEK 10.9183 EUR/NOK 10.5465 EUR/DKK 7.4383 USD/ILS 3.4419 AUD/USD 0.6672 NZD/USD 0.6325 USD/SGD 1.3590 USD/JPY 137.64 USD/CNH 6.9766 USD/INR 82.4798 EUR/ILS 3.6104 GBP/ILS 4.1828 USD/ZAR 17.2835
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GBP
UK House prices have fallen at the sharpest pace in 14 years through November as surging interest rates have weighed on the affordability of properties. Halifax, the mortgage lender has said that prices fell 2.3%, with the average property now costing £285,579.
Senior economists have warned the government that it is fighting a losing battle with unions over public-sector pay. The gap between private and public-sector pay is now at historically wide levels.
EURThe Euro-area economy expanded by more than initially thought in the third quarter, though a recession triggered by the continent’s energy crisis is likely to have begun. GDP rose by 0.3% in the three months through September.
German industrial production figures were better than expected. Output fell by only 0.1%, surpassing the anticipated 0.6% decline.
USDDemocrat incumbent Raphael Warnock defeated Republican Herschel Walker in the hotly contested runoff from Georgia’s US Senate race. His victory secures a democrat majority in the Senate.
ASIA/PACIFICChina’s expansion for 2023 has been forecasted at 5.1%, as recent policy shifts increase the likelihood of sustained and robust economic growth. Markets are hoping that a renewed focus on growth and a pivot on their covid-zero policy could spark enough momentum to counter heavy price pressures from the global slowdown.
The Yen has strengthened by almost 10% in the past six weeks as the Fed begins to show signs of a pivot. It remains the worst-performing developed market currency, following the BOJ’s continuance of loose monetary policy
ILSUSDILS trades 0.42% higher intraday, above 3.43 as we print.
Data & EventsPoland Central Bank Decision
Euro-Area 3Q GDP
US MBA Mortgage Applications
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| Source: Bloomberg | |
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