Dollar higher as virus concerns hit markets worldwide

The dollar, yen and Swiss franc all made gains overnight, serving as safe-haven currencies after global markets sold off. Concerns about the spread of the coronavirus dominates global news. There is a full economic data calendar this week, and the Fed and Bank of England meet.

Monday: Germany IFO Business Survey (Jan) / Census Bureau reports New-Home Sales (Dec)
Tuesday: Conference Board releases Consumer Confidence Index (Jan) / Case-Shiller 20-City Home Price Index
Wednesday: Federal Reserve meets
Thursday: Bank of England announces monetary policy decision / US advanced estimate for Q4 GDP Growth
Friday: UK Brexit Day / US Personal Income (Dec)

  • FX Rates
    January 27, 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 index gained overnight, as investors dumped equities, commodities and foreign currencies amid worries about the coronavirus. Increased demand for safe-haven bonds drove UST 10-year yields down to 1.62%. The Fed meets this week and they are expected to hold rates steady.


    The UK pound is slightly lower as traders focus on Thursday’s Bank of England meeting. Odds are near 60% for a rate cut amid economic uncertainty related to Brexit. Friday is Brexit Day, when the UK officially leaves the EU. Amongst other issues, the deal says the UK will leave the EU ‘customs union’ and have the right to develop new trade agreements with other countries around the world.


    The euro made early gains following news in Italy that a key regional vote did not support a candidate of far-right Matteo Salvini’s party. Also, credit agency Fitch upgraded Greek debt, which led to an all-time low in yield of 1.13% in 10-year Greek sovereign bonds.


    The Canadian dollar weakened by 0.25% overnight due to a broadly stronger US dollar, lower commodity prices, and a downward revision of Canada’s job data for 2019.


    The Chinese yuan fell slightly and Asian equities collapsed on fears of further spreading of the coronavirus from China.
    The Japanese yen made gains as a safe-haven currency amid growing virus fears.

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
See all of SVB's latest FX information and commentary at

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at You can withdraw your consent at any time.

Scott Petruska, CFA
Scott Petruska, CFA

Insights from SVB Industry Experts

SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Dollar steady after better economic data


Daily FX Update: Dollar higher amid new European lockdowns and restrictions


Daily FX Update: Dollar lower before central bank meetings


Dollar higher amid rise in coronavirus cases, stimulus stalemate


As risk appetite grows dollar weakens


Daily FX Update: Dollar stronger on global Covid surge