Dollar higher for a second day

The dollar is higher for a second day breaking above the 91.00 handle and mixed versus G-10 peers. The UK pound and Canadian dollar outperformed the USD while the euro slid to two-month lows. Equity markets remain risk-on, and the US has passed a vaccination milestone where more people have received a dose than total number of infections in the US.

Never be limited by other people’s limited imaginations.”
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  • FX Rates
    February 2, 2021

    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 is higher for a second day and stronger versus other haven currencies amid higher Treasury yields and US equity futures. Yesterday’s meeting between the White House and Republican senators was reportedly productive. Investors will closely watch negotiations surrounding the proposed stimulus plan.

    GBP
    Sterling holds marginal gains versus the dollar on optimism of door to door testing and rapid vaccine deployment and anticipation of the BoE ruling out negative rates later this week.
    EUR

    Euro extends its slide today amid concerns on slow vaccine distribution and has broken below a key support dropping to two-month lows.

    CAD

    The Canadian dollar outperformed the US dollar following a breakout in oil prices and improved risk sentiment. Investors await unemployment data due out on Friday.

    ASIA/PACIFIC

    The dollar is stronger versus haven currencies including the Japanese yen breaching the 105.00 threshold.

    The Australian dollar is the worst performer as RBA kept its cash rate unchanged at 0.1% and announced an additional purchasing program of 100B bonds after the current program completes in April.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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