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Daily
FX Update

The US dollar weakened this morning on trade optimism after strong gains yesterday on safe-haven buying

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FX markets are awaiting news on the US/China trade discussions and specifically on Trump's support for Hong Kong protesters. China has threatened retaliation for US support of violent, pro-democracy protests. The dollar is weaker today after Chinese Vice Premier and top trade negotiator, Liu He, expressed cautious optimism about reaching a phase-1 trade deal with the US.

“I am always doing that which I can not do, in order that I may learn how to do it.”
Pablo Picasso
  • FX Rates
    November 21, 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

    USD is weaker today after China’s Liu He said he remained “cautiously optimistic” of reaching a phase-one trade deal. On Capitol Hill, The US House and Senate passed bills showing support for protesters in Hong Kong. Trump is expected to sign the legislation as early as today. Reviewing yesterday’s release of Fed minutes, policymakers stressed that threats to the US economy remained tilted to the downside, though they are expected to put rates on hold after three interest rate cuts this year.

    GBP

    The pound is stronger today after the Labour party’s head delivered a speech for economic stimulus, should they win the December 12 election. The plan leans heavily on nationalization of industry and taxing the rich. Markets seem to believe the Conservative party will win the election - as polls indicate - providing a clearer path for the UK’s economy and a soft Brexit in particular.

    EUR

    The euro is stronger this morning as some banks, brokerages, and FX traders have begun to turn bullish on the euro’s prospects in 2020. Although interest rates in euroland are negative, economists believe the governments of richer countries like Germany and the Netherlands can increase government spending, thus adding fiscal stimulus.

    CAD

    The Canadian dollar strengthened some this morning after a significantly weak day yesterday. The price of oil is up this morning, but the C-dollar is stronger mostly on overall USD weakness. Central bank head Poloz is speaking later today with FX traders awaiting his comments.

    ASIA/PACIFIC

    The Indian rupee strengthened slightly overnight as the government announced additional sales of stakes in companies in which the federal government of India owns large portions. India’s budget has benefited for years from these sales.
    The Japanese yen strengthened against the greenback while the New Zealand and Australian dollars both gained on optimism around US/China trade agreements.

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

Peter Compton is a senior foreign exchange advisor for Silicon Valley Bank’s global financial services group, and has been with SVB since 2007. He helps clients design and implement hedging strategies for foreign currency exposures. Compton has over 20 years experience in global financial markets.

Before joining Silicon Valley Bank, Compton spent seven years working in the European equity markets. Based in Germany, he spent four years with HSBC and three years as Head of Equity Sales for ABN-AMRO in Frankfurt. Prior to his work overseas, Compton spent seven years with Bank of America in San Francisco as an equity and fixed income derivative specialist.

Compton holds a bachelor's degree in business and management from the University of Rhode Island and a Master's of Business Administration from San Francisco State University.
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