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The dollar lost to safe-haven Japanese yen and Canadian dollar but gained vs the British pound

The dollar is flat in thin, volatile trading as some market participants move to the sidelines in the typical year-end lull. The British pound weakened again as investors show concern for the upcoming negotiations between the UK and European Union. The safe-haven Japanese yen strengthened as investors in Japan brought money home.

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  • FX Rates
    December 19, 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 broadly flat after the Philly Fed business confidence survey came in weaker than expected for December. Equity markets ran out of steam yesterday afternoon after President Trump was impeached by the House of Representatives. The dollar held up, however, in sparse trading. Market participants around the globe seem to be heading into the year-end holidays early this year as markets have weaker volumes.

    GBP

    The pound is weaker again today as Retail Sales for November came in lower  than expected, even after the Bank of England left their benchmark interest rate unchanged at 0.75%. The BOE lowered their forecast for Q4 GDP to a meager 0.1%. Brexit is expected to pass the UK parliament before the January 31 deadline. Attention will then turn to negotiating a trade deal between the UK and European Union which must be completed by December 2020.

    EUR

    The euro is flat relative to the dollar despite better than expected business confidence readings for December out of France. A quiet day expected on the European front as Macron continues to push forward on his proposed pension reform and German Chancellor Merkel dismisses any public threats from China should Germany ban Huawei from being used in the country’s infrastructure.

    CAD

    The Canadian dollar is slightly weaker this morning despite stable oil prices. Wholesale trade figures for October came in weaker than forecasted.

    ASIA/PACIFIC

    The Australian dollar jumped after better than expected jobs data showed the unemployment rate dropped to 5.2% in November. The Chinese monetary authority added liquidity to the markets to stabilize money market rates and they set the daily fixing for the renminbi to about 7 again.

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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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Peter Compton
WRITTEN BY
Peter Compton

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