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FX Update

Dollar higher on safe-haven status as markets await Trump’s speech at the Economic Club of NY today

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The main market event today will be President Trump’s speech at the Economic Club of New York. He is expected to give an update on US-China trade talks as well as announce a decision on eurozone auto tariffs. Investors flocked to the dollar ahead of the speech.

Tuesday: Philly Fed Speech, President Trump at Economic Club of NY, UK Jobless Claims, German ZEW

Wednesday: US PPI, US Initial Jobless Claims

Thursday: US Retail Sales

  • FX Rates
    November 12, 2019

    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 higher against G-10 and safe-haven currencies. Markets are awaiting President Trump’s comments at the Economic Club of New York today where they will listen for any reference to trade talks and tariff lifts or delays.

    Disappointing jobs data sent the pound lower as the Claimant Count Rate edged up to 3.4% versus 3.3% the previous month. Average earnings were also lower than expected at 3.6% versus 3.8% expected. Unemployment data paired with USD buying interest sent the pound lower.


    The euro slid lower today. German ZEW Economic Sentiment beat expectations coming in at -2.1 versus -13.2 expected. Key reasons for the beat include improved outlook on Brexit, expectation of delayed auto tariffs and optimism around a US-China trade deal. A beat in ZEW did little to redirect earlier losses as markets await President Trump’s speech today.


    The loonie was sent to 1-month lows this morning after a pickup in buying interest for the greenback. A pickup in crude oil prices did little to hinder the dollar’s positive momentum.

    Markets await any references to US-China trade talks in President Trump’s speech today. Protests in Hong Kong began their 23rd week and showed no signs of slowing as a police spokesperson told reporters the city is pushed “to the brink of a total breakdown.”

    Given the Japanese yen’s safe-haven status, the currency declined against the US dollar as the market moved to risk-on sentiment.

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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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