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Dollar higher amid solid US data and earnings

The dollar gained overnight on the back of this week’s solid US economic data and healthy corporate earnings. Coupled with positive economic news out of China, a risk-on mood sent equity markets higher worldwide. Traders look forward to next week’s World Economic Forum Annual Meeting in Davos, Switzerland, where many of the world’s movers and shakers meet and share views.

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  • FX Rates
    January 17, 2020

    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 moved broadly higher within a risk-on mood fueled by solid economic data, strong corporate earnings – particularly US investment banks – and good economic news out of China.  

    GBP

    The pound softened following weaker-than-expected UK Retail Sales data. It remains, however, within a $1.30-$1.31 range. Traders are increasingly expecting (odds are now at 75%) a rate cut by the Bank of England on January 30. Option trading showed a bullish slant to GBP/USD for the first time in two months.

    EUR

    The euro is lower in light trading and no economic data releases that were market movers. Traders look forward to next week’s ECB meeting. Recently, it has been the EUR/GBP that has dominated trading activity and has had a greater impact on the value of the EUR than trading in the EUR/USD.

    CAD

    The loonie moved lower in-line with broad US dollar strength. Traders are focusing on next week’s Bank of Canada meeting, when officials are expected to keep rates unchanged. Day-to-day ‘volatility’ in USD/CAD trading is approaching a record low.

    ASIA/PACIFIC

    The Chinese yuan continued to rally versus the USD, dropping near 6.85 for the first time since July 2019. China’s Industrial Production in December soared to 6.9%, higher than survey of 5.9% and the prior month’s 6.2%.

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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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About the Author

Scott Petruska is Chief Currency Strategist and senior advisor for Silicon Valley Bank’s global financial services group, and is based in Boston, MA. He advises clients on currency and interest rate hedging strategies, and helps them with other aspects of global banking. He regularly writes blogs on topics covering the global financial markets, conducts client seminars and webinars, and speaks at regional financial conferences.

Petruska has more than 30 years experience in the currency and interest rate markets, and has lived and worked in Boston, Chicago, New York City, Singapore and Tokyo. Prior to joining SVB in 2009, he worked at several large international financial institutions, including National Westminster Bank, Irving Trust, Bank of New York, State Street Bank and Commerce Bank. He has been an institutional trader, product developer, analyst, salesperson and advisor.

Petruska has been awarded several professional designations, including the CFA (Chartered Financial Analyst), FRM (Financial Risk Manager) and CMT (Certified Market Technician). He earned his undergraduate degree in Finance & Banking from the University of Wisconsin.

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