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Daily
FX Update

Demand for haven assets diminishes following increased optimism around US-China

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The US dollar index fell along with other haven currencies as optimism around trade talks between US and China increased. The expectation is that there will be some type of mini-deal between the two countries. Sterling continues to suffer following more news that a no-deal Brexit could be a possibility.

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  • FX Rates
    October 8, 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 US dollar fell slightly after advancing yesterday along with other haven assets as market sentiment was risk-off. Optimism around trade talks between US-China caused the change in market sentiment. An outcome of a mini-deal between the two countries is expected.

    GBP

    Sterling dropped lower this morning after the release of more plans for a no-deal Brexit. GBP/USD is currently hovering around the 1.22 handle.  

    EUR

    Data released this morning from Germany showed that there was an improvement in industrial productions after two months of decline. EUR/USD is up slightly, currently trading around 1.0985.

    CAD

    The Canadian dollar fell this morning ahead of housing starts. The numbers were released slightly above expectations (221.2k vs. 220k expected). USD/CAD remains largely unchanged, trading around 1.33. WTI crude is down 1.5%, dropping for a second day.

    ASIA/PACIFIC

    The Japanese yen is weaker this morning following optimism around this week’s US-China trade talks. New Zealand and Australian dollars also rallied on the news. The US-China trade talks are suggested to cover more ground than initially expected and result in some type of agreement.

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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