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    • Daily FX Update

    Daily FX Update

    • February 9, 2022

    US pandemic easing, No10 reshuffle as PM revamps government operation.

    Looking for in-depth analysis of FX markets? Check out our latest FX Navigator.
    • FX Rates
      February 9, 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/USD1.3563
      GBP/EUR1.1877
      EUR/USD1.1419
      USD/CAD1.2692
      EUR/CHF1.0552
      EUR/SEK10.4232
      EUR/NOK10.0514
      EUR/DKK7.4441
      USD/ILS3.2132
      AUD/USD0.7163
      NZD/USD0.6657
      USD/SGD1.3434
      USD/JPY115.41
      USD/CNH6.3676
      USD/INR74.82
      EUR/ILS3.6694
      GBP/ILS4.3583
      USD/ZAR15.3615

    • GBP

      Boris’ No10 reshuffle orders Downing Street to action stations. The overhaul signals a political shift to the right. The new team has the difficult task of aiding the PM to regain the trust and support of the backbench MPs.

      New EU biometric border systems threaten to grind UK ports to a halt. This comes shortly after a damning report on the government's handling of Brexit, accusing them of ‘overpromising’ and failing to hit its own deadlines.

      GBPUSD trades up 0.15% and the FTSE100 closed yesterday down -0.08%.

      EUR

      The ECB’s adoption of an increasingly hawkish stance may hinder Greek and Italian bonds, as Lagarde suggested an end to stimulus. The bond sell-off is likely to have its highest impact on the eurozone’s most indebted economies.

      Data released by Eurostat shows most European countries are at least 40% dependent on Russian energy supplies, with the EU average of 60% dependent on Russian supplies.

      Tuesday was quiet day for European equities with the STOXX 600 flat. The EURUSD trades level, and the EURGBP is down -0.1% intraday.

      USD

      Fauci declares ‘Full blown’ pandemic is over, whilst the virus was not endemic it would be entrusted to public self-determination rather than government legislation.

      The Biden administration is attempting to roll back Trump era tariffs, beginning with the US-Japan steel tariffs.

      The DXY trades down -0.1% as we print. Yesterday the US equities rose slightly, both the NASDAQ and S&P500 pushed higher by 0.5%.

      ASIA/PACIFIC

      The BOJ has chosen not to divert from its bond purchasing plan, despite yields rising. The central bank now risks yields rising near their upper limit.

      China’s lending has jumped in January, powered by local government bond sales. Meanwhile, the WTO backed South Korea in an ongoing trade dispute with the US over washing machines.

      A quick summary of Asian markets, the Hang Seng trades up 2.06%, the Nikkei trades up 1.1% and the Shanghai composite trades up 0.95%.

      ILS

      USDILS consolidated above 3.2 for the last 24 hours, which hasn’t been seen since October last year. As we print USDILS trades up 0.1%.

      Israel offers economic aid to Palestinians to curb Hamas. The deal includes loans, infrastructure upgrades and high-level talks.

      Data & Events

      EU – Foreign and Health ministers meet in France

      UK – BOE’s Pill speaks

      IT – Industrial Production

      DE – Trade balance

      RU – CPI

    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.
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    +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.

    Daily FX Update: Rishi Sunak sets out measures to address the cost of living crisis in the UK, Global stocks rally with the adjusted risk-on sentiment

     
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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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