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China cuts import tariffs; weak Canadian GDP pushes CAD lower

There is thin liquidity in financial markets as we head into the Christmas holiday. Overnight news from China showed that the country would cut tariffs on a range of imports, supporting the Australian and New Zealand dollars. Weak GDP data out of Canada supported USDCAD.

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  • FX Rates
    December 23, 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
    US dollar dipped initially after news from China that the country would cut import tariffs. The dollar has reversed losses and strengthened against its peers, the British pound is the weakest of the lot.
    GBP
    Sterling weakened for the fifth day, dropping 0.2% versus the US dollar.  The British pound is set for its longest losing streak since May, as anxiety around a no-deal Brexit is renewed and as trading is thin heading into year-end holidays.
    EUR
    EURUSD remains largely range bound between $1.0981 and $1.1179. The currency pair had hit an eight-month high in the immediate response to the UK’s election on December 12th.
    CAD
    USDCAD strengthened after the GDP report from Canada hitting a level of 1.3171. Crude oil continues to remain weak following 3 weeks of losses. The commodity fell as US shale explorers increased drillings and as news from Kuwait signal a deal with Saudi Arabia to renew crude output along the border.
    ASIA/PACIFIC

    News from China that stated the country would cut tariffs on a range of imports as of January 1 pushed the Australian dollar to its highest level in more than a week. USDJPY remains largely unchanged following two straight weekly gains. Minutes from the October meeting for Bank of Japan are due.

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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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