FX Update

The greenback rose after Fed holds rates while markets look to data later today and NFP tomorrow

The dollar spiked higher after the Fed signaled no changes in rates are expected this year. Factory data out of Europe showed the steady decline in manufacturing may be over. The Bank of England left rates unchanged while market sentiment around Brexit negotiations remains hopeful. Traders are setting positions in anticipation of Fridays Non-Farm Payroll data (+190K expected).

“Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.”


Helen Keller
  • FX Rates
    May 2, 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 remains well bid after the Fed announcement and this morning’s productivity coming in much stronger than expected. Factory Orders and Durable Goods data for March release this morning. The markets are focused on Non-Farm Payroll numbers Friday and US-China trade talks next week.


    The pound tried to rally on news that the Bank of England believes the markets expectations for interest rates are too low. The BofE left their benchmark rate unchanged at 0.75%. There are hints that PM May could be moving closer to securing the backing of Labor leader Corbyn for a Brexit Withdrawal Agreement.


    The euro had a short-lived rally following PMI data showing a possible halt to falling manufacturing. German retail sales came in weaker than expected. 


    Canadian dollar sank as dollar bullishness hits oil price. US oil inventories came in much higher than expected yesterday offsetting OPEC cuts and Trump's Iranian oil sanctions. 


    China’s Labor Day holiday started yesterday and runs through Friday. Japan is off this whole week.
    Emerging markets are generally down on general US dollar bullishness. 

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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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