US concerned of Russian Escalation; EU holds off on curbing Russian imports; EU PMI’s beat expectations.
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FX Rates
March 25, 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 1.3176 GBP/EUR 1.1968 EUR/USD 1.1009 USD/CAD 1.2551 EUR/CHF 1.0204 EUR/SEK 10.3328 EUR/NOK 9.5568 EUR/DKK 7.4404 USD/ILS 3.2230 AUD/USD 0.7508 NZD/USD 0.6962 USD/SGD 1.3565 USD/JPY 121.65 USD/CNH 6.3746 USD/INR 76.1938 EUR/ILS 3.5481 GBP/ILS 4.2465 USD/ZAR 14.5441
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GBP
UK consumer confidence plummeted for a fourth month to its lowest since Nov 2020, on concerns of the rising cost of living. The UK’s service PMI greatly exceeded expectations by 3 points, meanwhile UK manufacturing slipped further by 1.5 points.
Despite political manoeuvring that the spring summit was a tax cut, the Total tax burden will increase to its highest since the 1940s.
GBPUSD trades down marginally by -0.05%, and EURGBP trades higher by 0.25%.
EURThe EU refrained from taking action to cut Russian crude imports. Biden is also expected to announce a deal enabling Europe to replace Russian gas imports.
The EU has approved the Digital Markets Act, implementing changes to how Big Tech operates. It introduces measures to curtail their power with significant fines and banning from acquisitions.
EU PMIs slipped in February, however beat market expectations signalling that European economies are weathering Ukraine impacts better than expected.
USDUS officials are concerned that the struggling Russian offensive may provoke an escalation from the Kremlin, as Biden calls for Russia’s removal from the G-20.
The dollar’s share of global reserve currencies has been in steady decline over the past 20-years. The IMF has found that managers are steadily moving out of dollars, 25% of flow is towards the renminbi and 75% into currencies of smaller countries.
The DXY is down -0.16% as we print.
ASIA/PACIFICThe US is increasingly concerned over China exporting tech hardware to Russia which would significantly mitigate the impact of western sanctions. China struggled to carry momentum into March as Covid and slumping property and automobile markets weighed in on growth, Bloomberg’s aggregate indicator index was unchanged from last month.
Next week, Japan is set to outline a stimulus package in response to higher oil and grain prices.
ILSUSDILS trades up 0.16% at 3.223, reaching earlier highs of 3.227 in Asian session.
Data & EventsUK – Feb Retail sales
NATO – Meeting continues in Brussels
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Source: Bloomberg | |
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