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Daily
FX Update

Central Bank release and doubts on US-China trade talks push USD lower

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The US dollar is on pace to fall 2% this month following the FOMC release yesterday and as markets doubt a positive long-term outcome from US-China trade talks. The Fed Reserve cut rates at yesterday’s meeting and the announcement offered the possibility of additional easing but minimized the degree of certainty with subtle changes to the language.

“It’s all a bunch of hocus pocus!”
Max, “Hocus Pocus”
  • FX Rates
    October 31, 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 trading weaker this morning following concerns regarding trade talks between the US and China and the Fed Reserve rate cut announcement yesterday. The US dollar is on pace for a 2% loss this month.  
    GBP
    Sterling rallies for a second day amidst broad dollar weakness and news that suggests a clearer path for an overall majority for the Conservative party in the general election set for December. Report from the Telegraph suggests that the Brexit party could withdrawal hundreds of election candidates.
    EUR

    EUR/USD has experienced notable gains this week slipping from highs this morning as traders are cautious to keep buying EURs with the lack of domestic support. The pair touched a weekly high of 1.1173 with the main driver being the response to the Fed Reserve’s uncertain tone on the US monetary policy outlook.

    CAD

    Canadian August GDP number was released missing estimates causing the loonie to weaken. The Canadian dollar is near its two-week low as the miss on GDP along with other data releases (Industrial Product Prices and Rate Materials Prices) confirms the cautious stance of the Bank of Canada.

    ASIA/PACIFIC

    The Japanese yen is stronger against the USD following market’s risk-off sentiment. Doubts of a long-term trade deal between the US and China has caused demand for safe-haven assets. The Bank of Japan left its main policy tools unchanged but alluded to the possibility of cutting rates lower in their announcement Thursday.

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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About the Author

Cate Camerota is currently an FX Advisor at Silicon Valley Bank focusing on early stage and growth Technology names in New England and Eastern Canada. Prior to SVB, Cate worked in FX Sales/Trading at Wells Fargo and Citizens Bank where she supported a portfolio of Middle Market and Mid-Corp clients throughout the Northeast. Cate helped clients identify FX risk and implement strategic hedging programs.

Outside of work, Cate is involved with the Boys & Girls Club of Boston Friends Council, Ladies FORE Finance (women's golf league) and My Life My Choice.

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