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The dollar edges slightly higher today amid drop in volatility; markets watch for Iran retaliation

The dollar is higher today versus G-10 counterparts amid a drop in volatility. Traders remain cautious as the world waits for Iran’s promised retaliation. Eurozone CPI rose mostly due to an increase in fuel prices. Economic impacts from the Australian wildfires are expected to hit GDP and could potentially lead to another rate cut.  

“Every drop in the ocean counts”
Yoko Ono
  • FX Rates
    January 7, 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 edged slightly higher as volatility drops and asset prices rise as traders downplay recent threats of retaliation by Iran. Oil and gold gave back gains as markets speculated that Iran would be unlikely to hit against the US in a way that disrupts its own exports. Traders and markets will watch closely as the situation unfolds. November trade balance came in at -$43.1B versus -$43.6B leaving the dollar little changed against major counterparts.

    GBP

    The pound fell slightly today amid profit taking from investors. UK Parliament is set to return today from Christmas break. The Brexit deal is expected to pass in parliament this week where the conservatives hold majority before it moves to the House of Lords.

    EUR

    The euro is slightly lower. Eurozone CPI rose from 1% in November to 1.3% in December; fuel prices were the main driver.

    CAD

    The loonie fell versus the US dollar ahead of trade data in which the Canadian surplus with the US narrowed to C$4.2B from C$5.1B.

    ASIA/PACIFIC

    The Aussie dollar fell for the fifth straight day. Impacts from the Australian brush fires are sure to impact the domestic economy with a 0.4% minimum hit to GDP anticipated by AMP’s investment strategist Shane Oliver. The stalled growth could prompt another interest rate cut as early as February.

    China and the US are due to sign Phase I of a trade deal next week in Washington. China has agreed to increase purchases of U.S. farm products – exact figures were not disclosed.

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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

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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