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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
Expectations are growing that the Bank of England will accelerate its hiking cycle, as financial market lost confidence in the UK’s fiscal policy. This was reflected yesterday in gilt markets, and through sterling, which now trades around 1.08.
The Bank of England will likely have to raise rates, with 140-bps currently priced in for the November meeting. This rate of tightening could quell inflation; however, it may lead to a sharp increase in mortgage defaults.
Italy faces an EU budget deadline before Meloni’s newly elected government is set to take power. The government will likely send updated economic forecast to Brussels whilst any new fiscal policy information will have to be provided later. This could add to the ECB’s difficulty, Italy already has high borrowing costs with rate rises by the ECB likely to have harsher consequences compared to other bloc members.
Markets are currently consolidating around the ECB hiking rates by 75-bps twice in the remaining two meetings of 2022.
The dollar inched back from a record high yesterday, off the back of comments from several Federal Reserve officials reiterated the central bank’s hawkish position on monetary policy.
The dollar strength that has been the story so far of 2022, could be devastating to the global economy, and even come back to bite the US, according to Cathie Wood. The dollar’s strength could weigh on the US’s competitiveness and its economic activity eventually persuading the Fed to pivot from its hawkish policy path.
China’s industrial profits fell 2.1% YoY in August. Japan’s producer prices gained 1.9% YoY.
The Bank of Japan announced an unscheduled bond buying operation across a range of maturities after 20-year bond yields rose to the highest level since 2015.
USDILS continues to trade above 3.5 through the Rosh Hashanah holiday.
Several ECB speakers
Several BoE Speakers
Hungary Rate decision
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