Daily
FX Update

The dollar direction is mixed; IMF lowers World Economic Outlook

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The dollar is tracking sideways against most major currencies. Oil prices are back above $64 a barrel helped by a possible supply interruption from Libya due to the escalating civil war. The IMF lowered its world economic outlook to 3.3% GDP this year, its fourth downgrade in the last nine months.

“What can be shown, cannot be said.”
Ludwig Wittgenstein
  • FX Rates
    April 10, 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 in the same range as the last couple of days. Today’s CPI inflation data came in about as expected at +0.4% in March and rose to 1.9% y/y from 1.5% in February. Real average hourly and weekly earnings declined to 1.3% y/y from 1.6% in February. At 2 p.m. EST the FOMC minutes will be released.

    EUR

    The European Central Bank head Mario Draghi said in his policy statement that the ECB is ready to adjust all instruments if needed, and that the risks are to the downside. The Central Bank head also said that threats of higher trade tariffs undermine general confidence and dampen global economic confidence. 

    CAD

    The Canadian dollar is stable after US data releases. 

    ASIA/PACIFIC

    Far East stocks were mixed. The yen traded in a tight range. No specific news today on the US-China trade talks. Asian stocks were directionless.

    The Australian dollar strengthened against the US dollar.

    ILS

    In the Israeli election, PM Netanyahu won for a record fifth term. The Blue and White party looks to have won the same number of seats as the Likud party. The shekel strengthened today as the uncertainty of the election has now passed.

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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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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