Daily
FX Update

We now have details of the new tariffs on Chinese goods.

It now appears this is going to be a process. The net effect will be more expensive cell phones and laptop computers. The tariffs will be on 300 billion dollars of the trade with China. According to Bloomberg, the US will hold public hearings on June 17th regarding the proposed new tariffs. Comments on the hearings will be due by June 24th.  The dollar initially rose to the 1.1260 area and then fell about 40 points. The Dow fell 617 points.

"He who angers you conquers you"

-Elizabeth Kenny
  • FX Rates
    May 14, 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 rose after the NFIB Small Business Optimism for April rose to 103.5 from 101.8. Monthly Import Prices fell to +0.2% from 0.6% in March. Yearly prices fell to -0.2% from +0.1%. The dollar strengthening from yesterday has continued. Exports fell to +0.2% m/m and 0.3% y/y from 0.6%.

    GBP

    The pound is lower by about 30 points after opening at 1.2960. Rumors continue to circulate that the UK could be heading towards a general election because of Brexit. The three-month averaged Unemployment for March fell to 3.8% from 3.9%.

    EUR

    The euro fell due to the strengthening dollar and the weak economic outlook for the euro. The German ZEW survey of expectations fell to -2.1 in May after rising 3.1 in April. CPI inflation was unchanged in April while wholesale inflation rose. 

    CAD

    The Canadian dollar weakened this morning returning to yesterday’s lowest  level. Oil rose about half a cent but has not helped the loonie. 

    ASIA/PACIFIC

    Japanese stocks fell with the Nikkei and the Topix both falling. The Shanghai composite was a little softer. The yen strengthened a little but continues to trade in the same range as yesterday.
    The Indian rupee strengthened about half a rupee after the Central Bank added to the liquidity infusion by buying some government bonds.
    The Australian dollar continued to decline, pressured by the US China trade debacle.

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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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