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    • Daily FX Update

    Daily FX Update

    • January 18, 2022

    UK unemployment drops to 4.1%, the lowest reading since June 2020. The Dollar gained against its G10 peers as treasury yields were driven higher by rate hike bets.

    "When we strive to become better than we are, everything around us becomes better too."
    Paulo Coelho
    • FX Rates
      January 18, 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/USD1.3637
      GBP/EUR1.1963
      EUR/USD1.1399
      USD/CAD1.2515
      EUR/CHF1.0422
      EUR/SEK10.3288
      EUR/NOK9.9996
      EUR/DKK7.4422
      USD/ILS3.1112
      AUD/USD0.7191
      NZD/USD0.6771
      USD/SGD1.3484
      USD/JPY114.60
      USD/CNH6.3575
      USD/INR74.5450
      EUR/ILS3.5490
      GBP/ILS4.2440
      USD/ZAR15.4546

    • GBP

      Despite the surge in Omicron cases at the end of last year, the UKs labour market improved, with the unemployment rate dropping to 4.1% in the quarter through November, the best reading since June 2020. The number of workers on company payroll last month beat expectations. increasing by 184,000, whilst vacancies rose to a record 1.247 million.

      The pound is regaining some ground after declining 0.25% against the Dollar during the Asian session.  The FTSE has opened in the red, down 0.4% as investors react to the jobs data, and likely impact on future rate hikes.

      EUR

      New reports show the introduction of Covid certificates in France, Germany and Italy increased uptake in vaccinations in those countries by 13, 6.2 and 9.7% respectively. Occupancy in intensive care units also lowered during the period as well as avoiding further lockdowns. The study estimates that without the policy intervention, GDP would have been €6bn, €1.4bn and €2.1bn lower.

      EURUSD is down 0.15% this morning following broad strength from the greenback, trading just below 1.1400. European stocks declined, with the Stoxx 600 down 0.6% as of European open.

      USD

      Following Jerome Powell’s comments earlier in the week, that inflation poses a “severe threat” to the recovery of the economy, a growing number of economists forecast more than three interest rate hikes this year. The Dollar gained against its G10 peers, as Treasury yields were driven higher by the rate hike bets.

      Most stocks declined, with futures on the S&P and Nasdaq down 2% and 1.7% respectively. The energy sector was the only one to advance, with Brent oil rallying to the highest level in seven years, as concerns over the impact of Omicron on demand eased.

      ASIA/PACIFIC

      The Bank of Japan kept policy unchanged as expected, however adjusted its view on inflation for the first time since 2014. The central bank suggest CPI is likely to fall around 1% by the end of the projection period in 2024. Governor Kuroda pledged to continue easing until the 2% price target is achieved. USDJPY is up 0.2% following the announcement.

      The Australian and New Zealand Dollar were the biggest losers against the greenback, both dropping to one-week lows. Both AUD and NZD are down 0.5% against the Dollar.

      ILS

      USDILS is little changed since yesterday, up 0.1% around the 3.1150 level.  

      Data & Events

      UK – Unemployment Rate

              Claimant Count

      Euro Area – ZEW Economic Sentiment

      Germany – ZEW Economic Sentiment

      US – NAHB Housing Market Index

    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.

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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.

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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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