US midterms could return gridlock to US government, UK retailers see growth slowing.
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FX Rates
November 8, 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 1.1460 GBP/EUR 1.1484 EUR/USD 0.9980 USD/CAD 1.3517 EUR/CHF 0.9890 EUR/SEK 10.8469 EUR/NOK 10.2718 EUR/DKK 7.4387 USD/ILS 3.5394 AUD/USD 0.6458 NZD/USD 0.5916 USD/SGD 1.4046 USD/JPY 146.69 USD/CNH 7.2742 USD/INR 81.9175 EUR/ILS 3.5319 GBP/ILS 4.0559 USD/ZAR 17.8146
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GBP
UK retailers said sales growth slowed in October as a surge in prices has pushed more consumers to focus on the essentials.
Sunak and Hunt are currently weighing options over how to fill the budgetary black hole. This could see as much as £30 billion raised from spending cuts.
EURGerman finance minister Christian Linder has laid out plans for the country to spend €83.3 billion on gas and electricity subsidies next year.
ECB president Christine Lagarde has said that the central bank will have to bring inflation back to 2% in the medium term.
Sweden’s new leader is making progress towards convincing Turkey he’s serious about meeting Ankara’s demands in exchange of being allowed into NATO
USDThe outcome of the US midterm elections today could play a decisive role in shaping fiscal policy and has the potential to shake markets. Republicans have gained momentum in the polls, with analysts currently seeing a split government with the GOP winning the House of Representatives and potentially the Senate. This could severely hinder the White House’s agenda, under the democrat president Joe Biden.
ASIA/PACIFICAdrian Orr was reappointed for another five-year term as the RBNZ governor.
China’s four biggest banks are priced at near record low valuations of about 0.4 of their book value, after a sector index weakened to an 11-year low.
ILSIsrael’s foreign reserves were $188.84 billion in October, according to the Bank of Israel, meanwhile USDILS trades 0.07% higher intraday.
Data & EventsUS midterm elections
EU Sept. Retail Sales.
COP27 in Egypt
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