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Daily
FX Update

Dollar erases losses following optimism on US-China trade deal

President Trump warns of “Plan B”, or billions more in tariffs, if there’s no progress on a trade deal after the planned meeting between himself and Xi Jinping during the G20 Summit. Crude oil rose 1.8% driving the Canadian, New Zealand, and Australian dollars higher.

"Have patience with all things, But, first of all with yourself."
Saint Francis de Sales
  • FX Rates
    June 26, 2019

    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.


  • USD

    The dollar holds steady following weaker durable orders and a mixed commodity outlook but hovers near three-month lows leading up to this week’s pivotal G20 summit. Although Trump warns of a potential “Plan B” if there is no movement on the US-China trade talks, he stated there was a possibility of progress during the G20 Summit. The renewed optimism boosted the 10-year Treasury bond yield and helped the dollar erase some losses from the FOMC’s dovish shift last week.

    GBP

    The pound strengthened against other major European currencies this morning after US Treasury Secretary Steven Mnuchin claimed the US-China trade deal is “about 90% of the way” complete. 

    Bank of England Governor Mark Carney stated that a stimulus is more likely in the event of a no-deal Brexit. A no-deal Brexit remains in the cards as PM front-runner Boris Johnson hasn’t ruled it out if there is no agreement by October 31.

    EUR

    The euro retreated from its three-month highs as bond yields hit a record low. In an effort to lift the eurozone, Mario Draghi continues to test legal limits as he states that self-imposed limits on how much debt the ECB can buy could be raised.

    CAD

    Aided by stronger oil prices, the loonie is modestly higher this morning although market sources cite some profit taking on USD/CAD shorts.

    ASIA/PACIFIC

    The yen holds steady today as Asian stocks set to head lower amid concerns over the American economy and trade talks with China. The BoJ is set to buy bonds in shorter maturities.

    Asia stocks declined as investors remain cautious ahead of the G20 meeting between President Trump and Xi Jinping.

Contact Us

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

Contact your respective SVB FX Advisor or the SVB FX Advisory Team at fxadvisors@svb.com.
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange

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