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    • Daily FX Update

    Daily FX Update

    • March 18, 2022

    BOE hikes rates by 25bps. Xi and Biden open talks on Russian/Ukraine crisis

    "It’s fine to celebrate success but it is more important to heed the lessons of failure."
    Bill Gates
    • FX Rates
      March 18, 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/USD1.3152
      GBP/EUR1.1874
      EUR/USD1.1075
      USD/CAD1.2596
      EUR/CHF1.03634
      EUR/SEK10.4265
      EUR/NOK9.7392
      EUR/DKK7.4440
      USD/ILS3.2372
      AUD/USD0.7394
      NZD/USD0.6895
      USD/SGD1.3553
      USD/JPY118.88
      USD/CNH6.3744
      USD/INR75.80
      EUR/ILS3.5851
      GBP/ILS4.2559
      USD/ZAR14.9307

    • GBP
      The British Pound has steadied in the aftermath of the Bank of England raising their key interest rate by 25 basis points (bps) yesterday sitting in the 1.3140 region as we print.

      The MPC voted by a majority of 8-1 for the move, with deputy Bank governor Jon Cunliffe the only member to vote for keeping rates unchanged. GBPUSD initially sold off as much as 0.93%, given that markets expected some members to vote for a 50bp hike which did not materialise.  

      The FTSE has dipped 0.1% since the open.
      EUR
      Italy will drop almost all restrictions at the end of March.

      The euro has continued in its recovery throughout the week with EURUSD trading up 1.38% since Monday morning, as reports suggest there may be progress on Russia/Ukraine peace talks.

      European stocks decline this morning with Eurostoxx, CAC and DAX dipping 0.33%, 0.59% and 0.49% respectively as we print.
      USD
      Biden and President Xi will speak today with Biden expecting to request China up the pressure on Moscow. The muted views out of China have left president Biden concerned that Xi may be moving closer to supporting Moscow. 

      US equity futures decline. The dollar has continued it retreat throughout the week with the Bloomberg Dollar Index trading down 0.96% since Monday morning.
      ASIA/PACIFIC
      Asian stocks were mixed as the rally in Chinese tech fizzled - the Nikkei and CSI trade up 0.65% and 0.67% whilst the Hang Seng has dipped 0.41%.

      China's XI has pledged to reduce the economic impact of the most recent lockdowns.

      The yen has dropped to lowest level in almost 6 years after the BOJ stuck with its dovish stance - USDJPY trades around 118.83 as we print. The BOJ kept its stimulus on hold and indicated increased concerns monitoring commodity prices and the war in Ukraine.

      Brent jumped to around $109. Nickel drops 12% in another glitchy start to LME trading.
      ILS
      USDILS continued its decline throughout the week with USDILS sitting in the 3.2400 region as we print down 0.64% on the week.
      Data & Events
      Sweden - unemployment

      France - Q4 wages

      Italy - trade balance

      Russia - rate decision
      Russia/Ukraine
      According to a pentagon assessment, Putin will most likely threaten to use nuclear weapons if Ukrainian resistance to his invasion continues.

      Strikes continue to occur in Ukraine on infrastructure and civilians with the situation in Mariupol being described as critical.

    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.

    Contact Us

    For more analysis on FX markets or information regarding SVB's FX services:

    Contact your respective Global Market Risk Solutions Advisor.
    0800 023 1440 from within the UK
    +44 207 367 7880 from overseas

    See all of SVB's latest FX information and commentary.

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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.

    FSCS Icon

    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.

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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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