US producer price inflation expected to slow, economist see peak ECB rate at 2.5% in March, China’s abandonment of covid-zero policy could add to short-term downside.
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FX Rates
December 9, 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 1.2245 GBP/EUR 1.1592 EUR/USD 1.0563 USD/CAD 1.3633 EUR/CHF 0.9866 EUR/SEK 10.9055 EUR/NOK 10.5455 EUR/DKK 7.4381 USD/ILS 3.4230 AUD/USD 0.6763 NZD/USD 0.6380 USD/SGD 1.3518 USD/JPY 136.18 USD/CNH 6.9512 USD/INR 82.2200 EUR/ILS 3.6155 GBP/ILS 4.1912 USD/ZAR 17.1598
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GBP
The UK government is laying out new measures to boost the financial services industry in the post-Brexit world. It is expected to repeal EU regulations, and overhaul EU rules that put companies off listing in the UK. The government will free retail focused banks from ring-fencing rules and issue fresh mandates to regulators.
Britons moving into rental properties have seen prices soar at twice the pace of wages this year.
EURA survey of economist sees the ECB raising by 0.5% both in December and in February raising the deposit rate to a peak of 2.5%. According to the same survey they see Quantitative tightening beginning in March.
The French economy could make it through the year without a decline in output. GDP is expected to grow 0.1% in the fourth quarter, narrowly outperforming against the euro-area which is expected to see a decline.
USDUS Producer Price Index (PPI) is due later today, with the current consensus seeing a moderation in prices, as it slows from 8% in October to 7.2% this year. Inflation in primary goods may be easing thanks to a cooling international and domestic demand, improving supply chains and a stronger dollar in recent months.
The US is preparing for a fresh round of sanctions on Russia and China for what is describes as human rights abuses’
ASIA/PACIFICChina’s factory-gate prices fell again in November, whilst consumer inflation eased. PPI dropped 1.3% YoY. The gain in CPI slowed to 1.6% from 2.1%.
As China abruptly abandons its covid-zero policy, this could cause further disruptions in the short-term as infections are set to receive.
ILSUSDILS trades 0.2% lower intraday near 3.42. Netanyahu has asked for a two-week extension to allow him more time to form a ruling coalition. The incoming PM is working to finalise an agreement with right leaning parties.
Data & EventsUS PPI
US Dec U. Michigan Sentiment
BoE Inflation Attitudes Survey.
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