Get started with SVB

Are you an innovation company or investor seeking banking services to help you move bold ideas forward, fast?

Let's get started

Existing SVB clients

Get quick answers from our support page.

For help with commercial cards
1.866.553.3481
cardservices@svb.com

For other questions contact Client Service:

1.800.774.7390
clientservice@svb.com

Find a location

Technical or site issue?

Daily
FX Update

Brexit vote this afternoon remains top of mind

 | 

The dollar is mixed versus G-10 peers but is outperforming the pound, euro and loonie. A second vote on the UK withdrawal agreement is set for this evening (7pm in the UK) and the uncertainty has driven the pound lower. Canada’s PM Justin Trudeau won their general election but will need to form a coalition government to maintain majority power in Canadian Parliament. Optimistic news out of China on the trade dispute has boosted risk appetite.

“Mistakes are acceptable if they’re the result of moving forward”.
Andrew Yang, American Entrepreneur
  • FX Rates
    October 22, 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 is mixed versus G-10 peers but rebounded from 3-month lows ahead of the UK Parliament vote. Existing U.S. home sales and the Richmond Fed manufacturing index are due out at 10am this morning.
    GBP

    Boris Johnson continues his effort to gain support for his Brexit deal in Parliament today after it was initially voted down on Saturday. Today’s vote on the second reading of the general principal of the exit bill is scheduled for 2pm EST. Projections show that Johnson probably has enough support to pass the vote, however it will be immediately followed up by a second motion on the timetable of departure and if an extension is necessary. The pound is slightly lower on the uncertainty.

    EUR

    The euro fell this morning on spillover Brexit uncertainty, falling EU bond yields and a European Commission report warning that five member countries draft budgets for 2020 could break fiscal rules.

    CAD

    PM Justin Trudeau secured a second term yesterday with a minority government. He will likely form a coalition with the New Democratic Party to hold an 11-seat majority in parliament. Market response was muted as the economy performed strongly under his administration. The loonie dropped slightly this morning after a miss on retail sales data. Sales were down .1% in August versus a projected 0.5% gain.

    ASIA/PACIFIC

    Vice Foreign Minister Le Yuchang said that the US and China have achieved some progress in trade talks. The US announced a phase 1 deal with China that would suspend a scheduled tariff hike this month. The yuan strengthened 12 pips versus the dollar.

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

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Policy. If you have privacy questions, you may contact us at privacy@svb.com. You can withdraw your consent at any time.

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.

Follow Author on LinkedIn

Now Let's Get Started

See how SVB makes next happen now for entrepreneurs like you.

Connect with Us