Johnson quits, after a barrage of resignations from top aides. Former Japanese PM is shot.
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FX Rates
July 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 1.1992 GBP/EUR 1.1822 EUR/USD 1.0143 USD/CAD 1.3006 EUR/CHF 0.9899 EUR/SEK 10.7075 EUR/NOK 10.2506 EUR/DKK 7.4413 USD/ILS 3.4622 AUD/USD 0.6823 NZD/USD 0.6162 USD/SGD 1.4029 USD/JPY 135.84 USD/CNH 6.704 USD/INR 79.2575 EUR/ILS 3.5098 GBP/ILS 4.1525 USD/ZAR 16.7857
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GBPBoris Johnson yesterday announced the end of his three-year reign as British PM, following a barrage of resignations from his top aides. In a speech given yesterday afternoon, Boris defended his record and blamed Conservative MPs for their “eccentric” decision to force him from office. Johnson will however not step down immediately, stating he will remain until a successor is chosen.
After a tough week for the pair, GBPUSD retraced some its earlier losses on the news, however market's are wary of the political uncertainty that lies ahead. Sterling is already down 11% this year and is increasingly at the mercy of global risk sentiment.EUREuro falls to new 20-year low, as European recession fears begin to mount. Traders are becoming more concerned that the euro could fall below parity vs the USD. The most recent drop follows comments by ECB policy maker’s about policy tools and bond fragmentation. Investors are further concerned that Russia may cut off gas supply to Europe and plunge the region into recession - this shock could cause difficulty for the ECB to rise rates, which would widen the policy gap between regions.
EURUSD trades at 1.0111 as we print down 3% this week.USDMortgage rates in the US posted the biggest one-week decline since 2008. The average for a 30-year loan fell to 5.3%, the lowest in a month and down from 5.7% last week. This illustrates the lag in purchasing as buyers feel the effects of the rising interest rates.
Two of the Federal Reserve’s most hawkish policy makers backed raising interest rates another 75 basis points this month to curb inflation, while playing down fears the US economy was headed for recession, at a webcast hosted yesterday. Minutes from the June FOMC meeting released on Wednesday showed central bankers were prepared, to combat inflation by tightening policy even further than anticipated in their latest forecasts.
The dollar has rallied 2.34% so far this week, vs a basket of currencies.ASIA/PACIFICFormer Japanese PM, Abe, Japan's longest ever serving premier, was rushed to hospital unconscious, after being shot during a campaign event on Friday.
Japanese stocks pared gains following the shooting, whilst the yen strengthened.
Brent dropped, Bitcoin remained steady below $22k.ILSUSDILS has had a rocky week trading at highs of 3.5414, and lows of 3.4374, to sit now down 1.76% this week in the 3.4730 region.
Israel's forex reserves fell $6bn in June, this was the fifth month that the BoI made no foreign currency purchases, as was its model last year to strengthen the shekel.Data & EventsItaly - Industrial Production
Eurozone - ECB Visco, Muller Villeroy, and Lagarde speak
US - June jobs report, wholesale inventories
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