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FX Update

Dollar on soft footing as Fed outlook clouds market speculation

The Bloomberg Dollar Index trails off for its fifth straight day of losses following last week’s dovish Fed guidance. Euro strength touches three-month highs despite weaker than expected business confidence survey results. Pending US sanctions on Iran and uncertainty around enhancements to US-China trade relations look to be curbing global optimism.

Tuesday: US Consumer Confidence

Wednesday: US Durable Goods, Germany Consumer Sentiment

Thursday: Japan Retail Sales, Germany CPI, US Q1 GDP final

Friday: UK Consumer Confidence, Canada GDP, US Personal Spending

  • FX Rates
    June 24, 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 begins this week lower after a weaker outlook from US Fed officials trims long dollar positions. A lift to USD price action could be seen after Trump meets China’s Xi Jinping at the highly anticipated G-20 summit in Japan this week. Traders will focus attention on Fed Chair Jerome Powell’s speech on the economic outlook Tuesday.

    Sterling declines against the dollar and continues its downward trend since May 3. Markets grow wary of likely PM Boris Johnson’s no deal-if necessary Brexit view. UK pessimism remains after the BoE cut its Q2 GDP growth estimate last week.
    The euro outperforms the dollar this morning and builds on top of last week’s gains. Despite ECB dovishness and weak German business sentiment data released this morning, the common currency is finding solid support from a soft US Fed position.

    The loonie rises along with most commodity currencies as oil prices advance on US-Iran trade tensions. The currency is taking full advantage of a dovish US Central Bank stance and touched three-month lows this past Friday.


    The Japanese yen holds its strengthening pattern since late April as markets take precautionary measures with US-China trade outcomes pending at the G20 summit in Osaka.  

    The Australian dollar is the biggest mover amongst G-10 currencies as central bank Governor Lowe questioned the effectiveness of further monetary easing.  

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