Daily
FX Update

Havens weaken as global equity markets stabilize

The Bloomberg Dollar Index is lower against all its G10 peers after reaching five-month highs yesterday. Markets are momentarily risk-off as US-China trade war concerns dampen and PM Theresa May announces her resignation.

"It does not matter how slowly you go, so long as you do not stop." 
Confucius
  • FX Rates
    May 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 softens with a quiet day expected in the US as we continue to see officials comment on the US-China trade war. The Trump administration has recently announced that it may look to put a number of Chinese surveillance companies on a US watch list to limit the sale of vital US defense technology.

    US durable goods orders data released this morning missed expectations.

    GBP

    Sterling recovers from five month lows after Theresa May announced she will step down as PM on June 7. A new prime minister, who will likely lead by late July, faces the same political uncertainty, since the House of Commons remains deeply divided on Brexit. The risk of a no-deal Brexit remains a strong possibility.

    UK retail sales beat estimates and provides a slight lift to the currency.

    EUR
    The euro touches one-week highs on the back of cable’s rally. ECB member Bostjan Vasle said that the EU economy remains on track with the European Central Bank's projections that an upturn is likely this year. He stated, “I’m quite confident that the economy is on the right track, that what’s happening is in line with what we’re expecting.”
    CAD
    The Canadian dollar rises for the first time in three sessions as oil rebounds from the biggest daily drop since December. No economic data is expected out of Canada today.
    ASIA/PACIFIC

    The Japanese yen is in neutral as safe-haven demand is temporarily muted. President Trump commented that the blacklisting of China’s Huawei might be resolved in the framework of a US-China trade deal.

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