Biden’s Asia trip focuses on defence and trade; Sue Gray report set to arrive this week.
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FX Rates
May 23, 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 1.2553 GBP/EUR 1.1841 EUR/USD 1.0601 USD/CAD 1.2792 EUR/CHF 1.0304 EUR/SEK 10.4795 EUR/NOK 10.2457 EUR/DKK 7.4414 USD/ILS 3.3435 AUD/USD 0.7103 NZD/USD 0.6466 USD/SGD 1.3757 USD/JPY 127.65 USD/CNH 6.6829 USD/INR 77.6150 EUR/ILS 3.5442 GBP/ILS 4.1969 USD/ZAR 15.8475
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GBP
Sue Gray’s report is due this week, amid further controversy of Downing Street intervention.
Rishi Sunak plea for businesses to use tax cuts to invest and innovate, highlights a reinvestment issue of UK businesses. Meanwhile, research shows that the cost-of-living gap between the rich and poor has expanded to its widest in at least 16 years.
GBPUSD trades higher by 0.6%, the FTSE100 opens 1% higher.
EURA French official has warned it could take 20 years for Ukraine to be admitted into the EU.
The ECB’s lift-off looks all but certain to begin in July. Swap markets are heavily pricing in a rate hike in July, following repeated comments from Lagarde that tightening could begin ‘soon’.
The EUR trades 0.3% stronger against USD as we print.
USDBiden’s Asia trip has so far focused on trade and defence. Japan plans to boost defence spending, whilst Biden has stated he is willing to meet Kim Jung Un. Biden has also promised to revise Trump era tariffs on Chinese imports.
The White House economic adviser Brian Deese endorsed the Fed’s approach but stated that the policy approach could likely lead to a recession.
ASIA/PACIFICAsian tech equities fell on a reported virus outbreak in Beijing.
Australia’s labour party ousted the liberal/national coalition, with Anthony Albanese taking over as Australia’s new PM.
ILSThen Bank of Israel is likely to deliver consecutive interest-rate hikes for the first time since 2011, with another increase today.
USDILS trades down -0.6% intraday, steadily falling away from 3.4 levels achieved last week.
Data & EventsBank of Israel Decision
Germany IFO Business climate
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