Dollar is stronger today awaiting US press conference this afternoon

After yesterday’s bloodbath, the dollar found some support as markets await news of a potential stimulus coming from the Trump administration. The euro and Japanese yen pared some of yesterday’s gains on the news. Saudi Arabia and Russia continue to battle over oil production.

You have power over your mind – not outside events. Realize this, and you will find strength. 

 

Marcus Aurelius
  • FX Rates
    March 10, 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 strengthened on the news of the potential stimulus. The US eagerly awaits a press conference later today where President Trump will provide more clarity on actions to support growth in the midst of this week’s equity selloff. An 85% chance of a 75 bp rate cut at the March 18 Fed meeting has also been priced in.

    GBP

    GBP/USD is trading below 1.31 today after touching 1.32 yesterday. This movement is likely supported by a stronger US dollar. UK’s budget is due out on Wednesday and will likely account for additional spending to mitigate the coronavirus spread and support the economy.

    EUR

    The euro’s five-day bullish rise failed to break through the 1.1480 resistance and breaking the upward trend line. Currently, the pair is tracking sideways. Italy has taken dramatic measures to control the coronavirus and has put the entire country on lockdown with a promise to support industries and citizens financially.

    CAD

    After jumping to the highest level since 2017 yesterday, the pair is trading slightly lower today.

    Saudi Arabia’s Aramco has promised to supply 12.3 millions of barrels of oil a day next month - much greater than February’s 9.7m - in an attempt flood the market with as much oil as possible.

    ASIA/PACIFIC

    USD/JPY rebounded from four-year lows and broke above 104.14 stopping the downward spiral. This is mostly supported by a stronger USD as well as an anticipated BoJ rate cut.

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