Ukraine war escalation fears dissipate, UK CPI rose to 11.1% in October as utility bills weigh on consumers, Trump announces 2024 presidential Bid.
-
FX Rates
November 16, 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 1.1876 GBP/EUR 1.1406 EUR/USD 1.0411 USD/CAD 1.3258 EUR/CHF 0.9807 EUR/SEK 10.8810 EUR/NOK 10.3762 EUR/DKK 7.4382 USD/ILS 3.4203 AUD/USD 0.6768 NZD/USD 0.6170 USD/SGD 1.3687 USD/JPY 139.65 USD/CNH 7.0879 USD/INR 81.2913 EUR/ILS 3.5609 GBP/ILS 4.0616 USD/ZAR 17.2742
-
GBP
UK CPI rose to 11.1% in October from 10.1% in September. The Main reason for the acceleration in annual inflation is likely the rise in utility bills, with the price of energy up 24.7% on the month. Due to the government’s energy price cap, inflation is expected to peak through October, with inflation forecasted to edge down through the winter.
Rising borrowing costs could lead to a 10% collapse in house prices through 2023, as a gap has opened up between the price of a UK house and what can be justified by the fundamentals.
EUREuropean natural gas declined, taking a breather from this week’s rebound, as traders weighed ample winter stockpiles against the risk of heightened tensions between Russia and NATO. Benchmark futures fell as much as 6.1% before paring some of those losses.
The US has stated that the missile that killed two in Poland was likely not fired from Russia. According to US officials, initial findings suggested that the missile that hit Poland was fired by Ukrainian forces at an incoming missile.
USDDonald Trump has announced his 2024 Presidential Bid. Trump’s influence across the Republican party is vast, however the midterms last week failed to deliver the ‘red wave’ that was predicted, and many of the candidates that received Trump’s endorsement underperformed.
US Futures rose as Ukraine escalation fears recede, as the missile strike in Poland likely was a Ukrainian stray missile.
ASIA/PACIFICThe third quarter acceleration in Australia’s Pay growth is unlikely to threaten a wage-price spiral. As international borders reopen this should increase labour supply, damping emerging pressure on pay.
Corporate Japan’s plans to boost machine orders in the fourth quarter point to stronger capital expenditure ahead. This could support a rebound in GDP after the 3Q contraction.
ILSUSDILS trades 0.2% higher intraday, remaining largely unchanged from the significant moves seen following last week’s US CPI.
Data & EventsPoland CPI
US Retail Sales
US Industrial Production
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 | |
© 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. 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. |