Dollar higher in quiet markets on mixed bullish news

The dollar edged higher in quiet markets and on a combination of mildly bullish news – signing of phase 1 of the US-China trade deal, JPMorgan’s record quarterly earnings in Q4, and the Japanese yen trading over 110 per dollar for the first time since last May. Washington’s lifting of the ‘currency manipulator’ label on China had little impact on markets. This morning’s US Core Consumer Price Index of 0.1% was less than expected, which triggered some dollar selling.

“Life is what happens when you’re busy making other plans"
John Lennon
  • FX Rates
    January 14, 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 0.15% on the back of mildly bullish news, and now trades at its highest level in January. Traders await tomorrow’s signing of phase 1 of the US-China trade deal, but then will start to focus on phase 2 - which will be much more challenging to agree upon. Eyes will be on US corporate earnings; the season starts this week.


    The pound dropped by 0.2%, its sixth straight day of losses as it is still suffering from yesterday’s dovish comments by a Bank of England official.


    The euro fell against the dollar but rose to its highest level against the UK pound since November. Traders are already talking about potential US-EU trade issues when focus on US-China trade wanes.


    The loonie is lower by 0.10%, in-line with overall US dollar strength. Oil prices were slightly lower, hitting fresh one-month lows. There are no Canadian economic data releases today that could move markets. Traders await next week’s Bank of Canada meeting where no policy change is expected.


    Washington dropped the ‘currency manipulator’ label on China, but markets are not reacting since it’s really become simply a political, not a legitimate market-related tool. Interestingly, the Chinese yuan trades near 6.89 per US dollar, nearly the same rate when China was labeled a manipulator last August 5.

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.

Daily FX Update: Risk-on sentiment persists


Daily FX Update: Dollar falls to two-year lows amid month-end flows and vaccine optimism


Daily FX Update: Stocks and bonds mixed, dollar up slightly, copper soars


Daily FX Update: Dollar gains with focus on new virus restrictions


FX Daily Update: Markets quiet with focus on vaccine news


Daily FX Update: Markets retreat, retail sales disappoint