Dollar heavy in thin trading
The dollar is softer versus most majors, stronger only versus the Japanese yen as currencies linked to riskier assets advanced in thin trading and month end flows.
November 27, 2020
EUR/USD 1.1938 GBP/USD 1.3351 USD/CAD 1.2981 AUD/USD 0.7383 USD/JPY 104.17 USD/CNH 6.5725 USD/ILS 3.3167 USD/MXN 20.0327 USD/CHF 0.9069 USD/INR 74.04
The dollar remains at the lowest levels since April of 2018 on month end flows and low volume. The heavy dollar was offset by optimistic sentiment in US equity markets, as both the S&P and Nasdaq are up about 11% on the month.GBP
The pound slipped slightly, but holds onto a 0.4% weekly gain versus the dollar and longest winning streak since January. EU’s chief Brexit negotiator will meet EU fisheries today ahead of next week’s resumption of face to face talks in London.EUR
The euro holds steady above 1.19 adding 0.1% today and finishing the week 0.6% stronger versus the greenback.CAD
The loonie climbed to two week highs versus the dollar and is higher versus many G-10 peers even amid retreating oil prices.ASIA/PACIFIC
USDJPY fell as much as 0.3% to below the 104 level as some investors sought havens amid the surge in coronavirus cases.
The Chinese yuan is lower on corporate demand for the dollar while investors listen for more clues for U.S. President Elect’s policy sentiment towards China.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory