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FX Rates
July 29, 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 1.2197 GBP/EUR 1.1921 EUR/USD 1.0232 USD/CAD 1.2800 EUR/CHF 0.9745 EUR/SEK 10.3915 EUR/NOK 9.9096 EUR/DKK 7.4435 USD/ILS 3.3975 AUD/USD 0.7016 NZD/USD 0.6310 USD/SGD 1.3781 USD/JPY 132.93 USD/CNH 6.7333 USD/INR 79..23 EUR/ILS 3.4728 GBP/ILS 4.1375 USD/ZAR 16.4255
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GBP
Liz Truss has rejected suggestions of a windfall tax on energy companies’ profits, despite British Gas owner Centrica’s announcement of huge earnings and calls for increased support for UK households struggling with rising fuel bills. Sunak conceded he is the underdog in the race for PM – he admitted his pledge not to cut personal taxes until inflation is under control was not universally popular, but believes it’s the honest thing to do.
Cable trades up 0.56% from Thursday’s open, up 2.4% since the start of the week. GBPEUR trades up 1.86% this week. The FTSE trades up 0.51% as we print.
EUREconomic expansion in France and Spain beat expectations, putting them on a firmer footing as surging inflation and the risk of a cutoff of Russian energy threaten to put Europe into a recession. French output rose by 0.5% in the three months through June whilst in Spain GDP jumped by 1.1%. In Spain, CPI jumped 10.8%, more than expected. French CPI growth was also ahead of forecasts at 6.8%.
EURUSD dipped to 1.0116 midday yesterday before reversing losses to trade up on the day, sitting in the 1.0241 region as we print up 0.38% this week. European equities open in the green with the Euro Stoxx, CAC and DAX gaining 1.14%, 1.72% and 0.82% respectively as we print.
USDThe US economy shrinks for second consecutive quarter - GDP shrank 0.9% YoY, its second quarter of contraction. This increases the concerns of recession, as one of the common criteria for a technical recession, which complicates the Federal Reserve’s effort to stamp out soaring inflation with aggressive interest rate rises. Janet Yellen however shrugged off recession talk, saying a true recession is a broad-based weakening of the economy.
The US stock market hit a seven-week high Thursday, with the Dow Jones, S&P and NASDAQ gaining 1.03%, 1.21% and 1.08% respectively. The USD retreated with the DXY trading down 1.32% off Thursday’s highs.
ASIA/PACIFICConsumer price growth in Tokyo accelerated more than expected in July - The headline CPI rose 2.5%. Asian stocks declined with the Nikkei, Hang Seng and CSI dipping 0.05%, 2.51% and 1.32% respectively.ILSUSDILS retreated further yesterday, trading down 1.36% this week to sit in the 3.3945 region as we print.Data & EventsGermany - July unemployment, 2Q GDP
Italy - 2Q GDP
UK - July mortgage approvals
Portugal - 2Q GDP, July CPI
Euro-Area - July CPI, 2Q GDP
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