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Daily
FX Update

Global stocks gained and bond prices rallied, dollar lower

Stock markets advanced and bond prices extended gains ahead of the Fourth of July holiday. The dollar is trading lower as investors are reacting to Trump’s nomination of two dovish candidates to the Fed Board and to EU leaders’ nomination of Christine Lagarde to replace departing ECB president Mario Draghi, who is expected to take up his stratagem of providing stimulus. US stock and bond markets will close early today and remain shut tomorrow for the Independence Day holiday.

“This nation will remain the land of the free only so long as it is the home of the brave.”
Elmer Davis, Director of US Office of War Information during WWII
  • FX Rates
    July 3, 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 moved slightly lower overnight in light trading. Investors are weighing Trump’s nomination to the Fed Board of two dovish candidates. The US trade deficit rose to a 5-month high on rising imports, particularly from Mexico and China.

    GBP

    The UK pound moved lower following news of the EU nominations for its key leadership jobs. Such strong candidates suggest that the next UK prime minister will not be able to win concessions from the EU ahead of the Brexit deadline on October 31.

    EUR

    The EUR trades below $1.13 after a light day of trading and within a relatively narrow range. EU leadership nominated the head of the IMF, Christine Lagarde, to the position of president of the ECB, a decision that was well received by investors.

    CAD

    The Canadian dollar rallied after Canada unexpectedly posted a merchandise trade surplus, only its second surplus since 2016. The achievement was due to record exports to the US. The USD/CAD quickly fell below C$1.31- the CAD is the best performing currency from yesterday’s close.

    ASIA/PACIFIC

    Within its role as a safe haven currency, the Japanese yen made good gains overnight. The Chinese yuan barely moved.
    The Australian dollar continues to climb, trading comfortably above $0.70 and reaching two month highs.

Contact Us

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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