Daily
FX Update

The dollar stronger against some currencies; UK parliament takes reins on Brexit

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The dollar is stronger against the yen but is tracking sideways against the euro. The Brexit picture has changed again with parliament taking the reins. Asian stocks jump higher. US Secretary of state said the US will not “stand idly by” if Russia sends troops to Venezuela.

“Nobility is being superior to your former self.”  
Ernest Miller Hemingway
  • FX Rates
    March 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 is mixed against the other currencies. Eric Rosengren of the Fed wants more quantitative easing by shortening the length of asset buying on the Fed’s balance sheet. With the Mueller probe completed, President Trump has called for the investigators to be investigated themselves. House Democrats want the whole report to be made available to them. US stocks are unstable as the inverted yield curve brings concerns of slowing growth.

    GBP

    The UK parliament voted to take over control of Brexit by a vote of 329 to 302. On Wednesday they will allow indicative votes on Brexit alternatives. These could include cancelling Brexit or having another referendum. A British newspaper said that the PM would consider resigning if parliament would pass her Brexit bill.

    EUR

    The euro is tracking sideways in the same range as yesterday. German GfK Consumer Confidence slid to 10.4 from 10.7 heading into April. French GDP rose to 1.0% y/y from 0.9%. 

    CAD

    The Canadian dollar strengthened as oil rose on concerns that Venezuela production could be interrupted due to unrest in the country. No data out of Canada today.

    ASIA/PACIFIC

    The Japanese Nikkei stock index rose over 2% as the yen weakened. The Shanghai Composite stock index slid a little lower. 

    The Australian dollar continues to slowly strengthen.

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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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About the Author

Laurence Hayward is the Senior Advisor for International Markets and Risk for Silicon Valley Bank in its Central Region. He is responsible for helping clients mitigate foreign exchange risk, including trade finance and international cash management.

Hayward has over 40 years in the foreign exchange and interest rate markets, with experience as a banker, broker, trader and marketer / advisor. He has worked in London, Abu Dhabi, Dubai, Singapore, Hong Kong, New York, Houston, Dallas, Santa Clara and Denver for Barclays International, First National Bank of Boston, Tullett and Tokyo Forex International, Gulf International Bank, NationsBank, Bank One, Cambridge Mercantile Corp. and Silicon Valley Bank. He has made presentations to the national AFP, the New Orleans AFP, the Houston TMA. Fort Worth Chamber of Commerce, the University of Colorado at Boulder, the KPMG Global Enterprise Institute in Denver, and many bank presentations on the subjects of foreign exchange, international risk, FASB accounting rules and quant analysis. He has also been published in the Wall Street Journal, the New York Times, and many periodicals.
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