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British pound continues to trade lower on Brexit uncertainty
Yesterday’s dinner between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen did not result in any progress for the Brexit deal. Negotiators have until Sunday to get something finalized. European Central Bank announced its rate decision unchanged as expected. EUR traded higher following ECB President Christine Lagarde's comments following the decision. She reiterated that the central bank is ready to adjust instruments as needed given the uncertainty that remains during the coronavirus global pandemic.
“It always seems impossible until its done.”
Nelson Mandela
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FX Rates
December 10, 2020Rates 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.
EUR/USD 1.2117 GBP/USD 1.3295 USD/CAD 1.2755 AUD/USD 0.7496 USD/JPY 104.33 USD/CNH 6.5440 USD/ILS 3.2510 USD/MXN 19.9985 USD/CHF 0.8870 USD/INR 73.6662
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USDThe Bloomberg Dollar Index is trading lower. Currency forecasters are moving towards a bearish dollar view for 2021 as the currency is set to have its worst year in four.GBPSterling weakened after a dinner between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen ended without a breakthrough for Brexit. Negotiators have until Sunday to come up with a final deal.EURThe ECB released its rate decision at no change, in-line with economists' expectations. EUR/USD traded stronger during Lagarde’s comments following the decision, hitting a high of 1.2135.CADThe Canadian dollar hit a two-year high supported by increased market risk appetite following the ECB statement and higher commodity prices. Yesterday’s Bank of Canada meeting resulted in keeping official rates unchanged.ASIA/PACIFICThe Australian dollar led G-10 currencies. It hit near a two-year high as iron ores prices continue to strengthen, supporting the outlook for the country’s commodity exports.
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See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory