FX Update

US GDP data for Q1 beat expectations, the dollar is mixed


Market eyes were trained to the US Q1 GDP numbers released this morning, which came in at 3.2% vs. 2.1% expected. After initially moving higher, the dollar dropped and is now mixed versus peer currencies. Brexit concerns keep the GBP trading below 1.30 and US-China trade talks are set to resume next week.

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  • FX Rates
    April 26, 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 US dollar index pulled back modestly overnight after Durable Goods Orders posted the largest increase in eight months. This morning, Q1 GDP data beat expectations coming in at 3.2% growth vs 2.1% expected. The dollar whipsawed briefly, and is trading slightly lower. This is the first look at how the economy held up during the 35 day government shutdown. Eyes look ahead the Fed’s outlook which will be released on Wednesday.


    The sterling remains under pressure amid concern over Brexit coupled with a stronger USD. PM May’s hope to push a deal through before European Parliament elections is looking less and less likely.

    The euro remains hovering close to 22 month lows and markets were quiet overnight. It’s trading slightly higher following the upbeat US GDP data.

    USDCAD remains in the post-BOC announcement trading range – just below $1.35. Weaker oil prices weigh on the loonie, and a modest pullback from the USD overnight extended the sideways movement. CAD strengthened slightly following US GDP data.


    US-China trade talks resume in Beijing next week. Chinese President Xi Jinping spent a portion of his speech at the Belt and Road forum in Beijing discussing state subsidies, intellectual property rights, and foreign investment – all issues the US has raised.

    Industrial output for Japan slipped 2.6% in Q1 – the fastest rate since Q2 2014. Japan’s markets have closed for a 10-day holiday honoring their new emperor. The yen gained a bit following the US GDP release.

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About the Author

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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