Quarter end positioning boosts dollar

The dollar is broadly higher today amid month and quarter-end positioning and as many parts of the US pause reopening efforts. Markets will listen to Powell and Mnuchin, who are due to speak in front of the House Financial Services committee, for signs of increased relief efforts.
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  • FX Rates
    June 30, 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 rose 0.3% to a four-week high amid month and quarter-end positioning. Powell and Mnuchin are due to speak before the House Financial Services committee this afternoon. In the text release of remarks, they made it clear that government relief will need to remain in place.


    The pound is lower after revised data showed Q1 GDP contracted more than expected. GDP fell 2.2% versus 2% expected. On a yearly basis, UK GDP is down 1.7% and the pound weakened to 1.2258 versus the dollar.

    The euro is down below 1.12 staying lower even as euro-area inflation showed a slight pickup.

    The dollar holds onto gains against the loonie after Canadian GDP for April showed the economy contracted less than expected. The dollar’s safe haven status as well as sliding oil prices supported the move upwards.

    The yen lost slightly versus the dollar for a fifth session. Dollar demand for month and quarter-end fueled the pair's march higher.
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Kathryn Garvey
Kathryn Garvey

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