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Daily
FX Update

Dollar advances as Brexit vote outcome spooks

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The dollar is slightly higher as safe haven assets advance following a split in votes on Brexit legislation. UK lawmakers agreed on PM Johnson’s exit plan, but not to implement before the end of October deadline. The euro felt the pressure from the Brexit jitters and the Canadian dollar remained strong despite a miss in wholesale trade sales.
“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.”
Henry Ford
  • FX Rates
    October 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

    The dollar is higher for a second day as haven currencies advance following an easing in US equity futures and renewed Brexit uncertainty. August FHFA house price index for August came in at 0.2% versus 0.3% and left the dollar largely unchanged.

    GBP

    Yesterday, Boris Johnson won the vote on his Brexit bill, but lost the one which would accelerate implementation to meet an October 31 departure from the EU. Reports now suggest that the EU is likely to grant an extension until January 31, which would give the PM an opportunity to call a general election to create a working majority in Parliament. The pound dropped slightly, but optimism surrounding avoidance of a No-Deal Brexit stopped the downward movement.

    EUR

    The euro is under pressure driven by a stronger dollar and spillover Brexit uncertainty. Markets look ahead to tomorrow’s ECB meeting and the Eurozone PMI release.

    CAD

    The Canadian dollar remains steady near a three-month high after wholesale trade numbers unexpectedly dropped for the first time this year. The Bank of Canada is set to meet next week and release an interest rate decision on October 30.

    ASIA/PACIFIC

    The Chinese yuan weakened slightly as another Brexit delay drove investors into haven assets which sent the dollar higher versus the yuan. Hopes for a preliminary US-China trade deal in the near term limited downward movement.

    The Japanese yen was slightly stronger early in the session, but as the dollar strengthened, it reversed gains and eased by as much as 0.2%. 

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

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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