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FX Update

Dollar lower on rebalancing flows

The Bloomberg Dollar Index is down 1.7% in June and on pace to close its biggest monthly loss since January 2018. Sterling is set to be the worst-performing G10 currency for the second quarter as a no-deal Brexit still remains on the table. Markets are heavily sidelined ahead of Saturday’s US-China trade talks.

"If opportunity doesn't knock, build a door."
Milton Berle
  • FX Rates
    June 28, 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 is lower driven by the rebalancing of month-end flows. Traders are cautious ahead of the highly anticipated G20 summit showdown between President Trump and counterpart Xi Jinping on Saturday.   

    On the data front, the Fed’s preferred inflation gauge showed numbers that were on par with expectations. Personal income and consumer sentiment readings released this morning beat estimates.

    Sterling posts gains after conservative leader candidate Boris Johnson refused to rule out suspending Parliament, if needed, to push through a no-deal Brexit on October 31. His rival, Jeremy Hunt, said he would push through a no-deal departure if it was the only option.

    GDP data came in-line with expectations and overshadowed yesterday’s weaker consumer confidence headline reading.

    The euro gains early momentum testing just below the 1.14 level seen earlier this week. Demand comes from higher than expected eurozone inflation numbers.

    The loonie continues its strengthening trend since early May as the currency touches its lowest level since late January. An evidently dovish Fed and elevated US-Iran tensions supports the move lower.

    The Japanese yen marginally advances prior to tomorrow's US-China trade talks. The yen’s downward trajectory remains probable with no firm resolution in sight for the world’s two largest economies.
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