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FX Update

The dollar is mixed ahead of Fed speech; Iran tensions influence markets

Markets are awaiting Fed Chairman Jerome Powell’s speech this morning where he is likely to reiterate the dovish interpretation of last week’s FOMC meeting. US and Iran tensions drove oil, the Canadian dollar, and the Japanese yen higher. The US-China trade dispute awaits fresh direction due after Trump and Xi Jinping’s meeting at the G-20 conference.
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Thomas A. Edison
  • FX Rates
    June 25, 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 greenback is mixed against peers this morning as markets await the Fed Speech by Chairman Jerome Powell where he is expected to continue his dovish stance. Traders are pricing in a 100% chance of a rate cut in July, and a 73% chance of two more cuts by year-end.
    Escalating tensions with Iran have led to a USD sell-off, weakening the dollar. The US imposed sanctions on Iran prompted Khamenei to say a diplomatic path to a solution was “closed”.
    The pound hit a one-month high early Tuesday on general dollar weakness. The gains were capped and the pound slid back after Boris Johnson, PM front-runner, affirmed that he is serious about a no-deal Brexit, come October 31.
    Declining German bond yields put selling pressure on the euro this morning along with nervousness around Italy’s political situation and dovish ECB chatter.

    The Canadian dollar is again stronger this morning after Canadian wholesale sales rose for April rising 1.7%, beating market expectations by 0.2%. Tensions between the US and Iran have driven oil prices higher, providing additional support to the loonie.


    The Japanese yen  rose to its highest level in nearly six months after Iran said US sanctions have "closed" a diplomatic path to resolution between the US and Iran.
    The kiwi rose for the seventh straight day after exports hit a record high in May and the trade surplus came in higher than estimates. Markets look ahead to a rate decision on Wednesday.
    President Trump and Xi Jinping are expected to meet at the G-20 conference in Japan this weekend.

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