Currencies confined to narrow range ahead of Thanksgiving holiday

Currency markets are quiet and trading in lighter volumes ahead of the Thanksgiving holiday. US data released today did little to impact markets as currencies appear to be driven by month-end flows.

"Give thanks for a little, and you will find a lot."

Hausa Proverb

FX Rates
November 25, 2020

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.

EUR/USD 1.1894
GBP/USD 1.3329
USD/CAD 1.3017
AUD/USD 0.7340
USD/JPY 104.42
USD/CNH 6.5735
USD/ILS 3.3218
USD/MXN 22.0793
USD/CHF 0.9108
USD/INR 73.92
USD
The US dollar dropped slightly following durable goods and jobless claims data that indicated the US economy is on the mend. After the Dow surpassed 30,000 yesterday, US equity futures are pointing to a slight decrease at the open. US data due includes weekly job loss claims, trade balance, wholesale inventories, goods orders, new home sales and University of Michigan sentiment.
GBP
The pound trimmed earlier losses following comments from UK Chancellor Sunak that indicated the UK economy could shrink 11.35% in 2020. The pound is down 0.1% on the day.
EUR
The euro trimmed some gains after surpassing 1.1930 – the highest level since early September - and remains rangebound.
CAD
The Canadian dollar gave back some ground to the greenback after touching two-week highs early in the week. The pair remains below the 21-DMA as month-end rebalance models favor the greenback.
ASIA/PACIFIC
The Japanese yen is mostly unchanged in light trading ahead of the US holiday. Virus outbreaks in Japan are top of mind, and Economy Minister Yasutoshi Nishimura told reporters the next three weeks are critical for controlling the virus.

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/trends-insights/foreign-exchange-advisory

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