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    • Daily FX Update

    Daily FX Update

    • February 8, 2022

    Treasury yield's rise as rate-hike fears mount. ECB President Lagarde states any adjustment to monetary policy will be “gradual."

    "The bad news is time flies. The good news is you’re the pilot."
    Michael Altshuler
    • FX Rates
      February 8, 2022

      Rates 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: Bloomberg

      GBP/USD1.3523
      GBP/EUR1.1865
      EUR/USD1.1398
      USD/CAD1.2693
      EUR/CHF1.0553
      EUR/SEK10.4358
      EUR/NOK10.0538
      EUR/DKK7.4433
      USD/ILS3.2061
      AUD/USD0.7115
      NZD/USD0.6632
      USD/SGD1.3453
      USD/JPY115.47
      USD/CNH6.3746
      USD/INR74.7675
      EUR/ILS3.6550
      GBP/ILS4.3338
      USD/ZAR15.5601

    • GBP
      Cable traded within a relatively tight range yesterday, hitting highs of 1.3557 and lows of 1.3491, with the pair sitting down just 0.02% as we print. The pound has gained vs the EUR however, sitting up 0.45% this week as we print. Some economists believe the pound should remain supported in the short-term on real interest rate differentials.

      Boris Johnson is coming under renewed pressure to retract his claim that Keir Starmer was personally responsible for allowing Jimmy Savile to escape justice after the labor leader was chased by protestors.

      New data from Google shows that City of London offices are now almost 70% full, the most since mid-December.

      The FTSE gained 0.76% over Monday's trading.
      EUR
      EURUSD was mixed throughout Monday's trading, however has dipped into this morning and trades down 0.42% this week. EURGBP followed a similar path, with the pair trading down 0.41% since the start of the week.

      As the debate over the Eurozone's first interest-rate hike heats up, ECB President Christine Lagarde said any adjustment to monetary policy will be “gradual." She further stated that officials must rely on the data, and that must maintain flexibility and optionality “more than ever.” She declined to rule out the possibility of a hike this year.

      European stocks rallied on Monday, with the Euro Stoxx, CAC and DAX gaining 0.83%, 0.83% and 0.71% respectively.

      Italy lifts mask requirements.
      USD
      Market's have been relatively choppy over the past 24 hours, and this seems to be driven by the mixed view on the USD ever since the employment data surprised to the upside on Monday - the US unexpectedly added 467K payrolls in January of 2022 much better than the forecasted 150K.

      Treasury yield's rise as rate-hike fears mount - sovereign bonds extended declines on Tuesday, with the 10-year Treasury yield approaching 2%. USD trader's will be hoping for more clarity on the Fed's move, after Thursday's CPI data. The dollar has gained this morning and trades up 0.19% this week.

      US stocks declined with the S&P and NASDAQ dipping 0.37% and 0.58% respectively. 

      Multiple US states are lifting mask requirements.
      ASIA/PACIFIC
      Asian markets were mixed amid a selloff in China - the Nikkei gained 0.15% whilst the Hang Seng and CSI 300 dipped 1.02% and 0.55% as we print.

      Yields on bonds and treasuries from New Zealand and Australia gained on the increased prospect of rate hikes as other global powers consider tightening policy. The AUD continues to find some support from yesterday's border headlines.

      Hong Kong is expected to announce tighter measures today as cases have been doubling every 3 days.

      ILS
      USDILS was mixed over Monday's trading, dipping to lows of 3.1871 mid afternoon before recovering to sit in the 3.2053 region as we print. 

      The Bank of Israel sees signs of higher inflation this year than previously, the Deputy Governor Andrew Abir said on Monday. The BOI may increase their 2022 inflation forecast, however they are not committed to any interest rate level. He further stated that the Omicron wave may dent GDP by 2%.
      Data & Events
      France - Trade Balance

      Spain - Industrial Output

      Italy - Retail Sales

      Eurozone - ECB de Cos and Villeroy speak

      US - Balance of trade

    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.

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     Source: Bloomberg
     

    © 2022 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.

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    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.

    Insights from SVB Industry Experts

     
    SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

    Daily FX Update: UK consumer confidence at 48-year low

     
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    © 2022 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 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 Financial Protection and Innovation (DFPI) 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. 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.

    FSCS Icon Silicon Valley Bank is covered by the Financial Services Compensation Scheme and by the Financial Ombudsman Service. In relation to the Financial Services Compensation Scheme, please ensure that you review the important information on depositor preference that affects clients of Silicon Valley Bank in the UK. Details of Silicon Valley Bank's UK Branch remuneration policies are here.
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