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Data signaling slowdown of coronavirus improves risk sentiment

The latest data out of China has signaled that the spread of the coronavirus may be slowing, causing markets to shift towards a less risk-off sentiment. The Reserve Bank of New Zealand kept interest rates unchanged but surprised markets by signaling that the central bank would not cut rates this year. NZD/USD popped on this news, strengthening about 1%.

“So the pie isn’t perfect? Cut it into wedges. Stay in control, and never panic.”
Martha Stewart
  • FX Rates
    February 12, 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.

  • USD
    The US dollar remained steady as Treasuries fell. Risk sentiment continued to improve on data that signals the slowdown of the coronavirus spread.
    Sterling climbs for a third day against the US dollar after earlier this week hitting levels not seen since November. The economic data out of the UK has been much better since the election in December, supporting the currency’s move higher.

    EUR/USD continues to hover above the 1.09 handle. ECB Chief Economist Philip Lane stated that the coronavirus outbreak can have “a pretty serious short-term hit” on the economy. He also stated that there will be “a lot of uncertainty.”

    The Canadian dollar strengthened against the greenback on signals that the coronavirus spread may be slowing. The loonie hit a 2020 low against the USD on Monday, rebounding and trading up toward 1.3265.
    The central bank of New Zealand surprised markets by signaling there will not be a rate cut this year. RBNZ stated that unless the coronavirus outbreak has a bigger-than-expected impact on the economy, the central bank rates will remain the same. NZD/USD rose 1% on the news. The Australian dollar also strengthened for the third day being pulled by the kiwi's strength. The Japanese yen continues to consolidate under the 109 handle as news on the coronavirus develops.
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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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