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Daily
FX Update

Dollar stronger on Trade optimism, Brexit deal could be in the works

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Optimism hit both the US dollar and UK pound after positive reports surrounding US-China trade talks and a possible Brexit deal hit headlines. US consumer confidence figures are due out today. 
"Far better is it to dare mighty things, to win glorious triumphs, even though checkered by failure... than to rank with those poor spirits who neither enjoy nor suffer much, because they live in a gray twilight that knows not victory nor defeat."
Theodore Roosevelt
  • FX Rates
    August 27, 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 marginally strengthened as trade talks with China are set to resume. The dollar strengthened and Wall Street staged a relief rally yesterday. On the data front, consumer confidence figures will be released today.

    GBP

    The pound has risen in three of the last four days. The opposition Labour party met to talk about blocking a no-deal Brexit as Boris Johnson said the “EU does tend to come to an agreement right at the end” and he is “marginally more optimistic” about making a new deal.

    EUR

    The euro is slightly weaker this morning. At the G7 meeting in France, European Council’s Donald Tusk said the EU will retaliate if the US imposes tariffs on French goods. Tusk’s comments follow president Trump’s threat to place tariffs on French wines in response to France’s new digital services tax, which affects US tech giants, including Amazon, Facebook and Google.

    CAD

    The Canadian dollar strengthened as WTI oil price climbed yesterday.

    ASIA/PACIFIC

    The Chinese yuan looks to be ending its worst month in history falling about 4%. Other Asian currencies also look very soft due to the trade dispute with China. The Aussie and New Zealand dollars both fell.

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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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Laurence Hayward
WRITTEN BY
Laurence Hayward

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