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Dollar is steady as markets focus on earnings, Fed

The dollar is steady in a relatively calm market. Investors have paused and refocused their attention from the coronavirus to US corporate earnings and today’s policy update from the Fed. Earnings reports from GE, Boeing and Facebook are released today and the Fed is expected to hold rates steady. Equities are poised to open higher and bond yields slightly lower.

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  • FX Rates
    January 29, 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 is fairly steady to slightly higher in relatively quiet markets. At least for the moment, traders' attention seems to have moved from the coronavirus to earnings and the Fed. Equity futures are poised to open higher and US Treasury 10-year yields slipped to 1.63%.

    GBP

    The pound moved lower for the fifth straight day, but holds above $1.30. Traders are focused on tomorrow’s Bank of England rate decision, where speculation grows for a rate cut amid fears that the UK will crash out of the EU at year-end.

     

    EUR

    The euro dropped near $1.10 and close to 3-month lows, despite an upbeat forecast from the German government on economic growth, which they expect to expand 1.1% in 2020. Eurozone PPI y/o/y at -2.1% was actually better than the expected -2.4%.

    CAD
    After reaching its highest level in over a month, the USD/CAD currency pair has settled into narrow trading below 1.3200. Higher oil prices had little impact. All eyes are on the Fed meeting later today. 
    ASIA/PACIFIC

    China is working to control the coronavirus outbreak as the death toll has risen to 132. The CNY is holding near 6.91, even as Chinese equities fell by nearly 3%. Asian EM assets and currencies are under pressure.

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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 fxadvisors@svb.com.
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange

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About the Author

Scott Petruska is Chief Currency Strategist and senior advisor for Silicon Valley Bank’s global financial services group, and is based in Boston, MA. He advises clients on currency and interest rate hedging strategies, and helps them with other aspects of global banking. He regularly writes blogs on topics covering the global financial markets, conducts client seminars and webinars, and speaks at regional financial conferences.

Petruska has more than 30 years experience in the currency and interest rate markets, and has lived and worked in Boston, Chicago, New York City, Singapore and Tokyo. Prior to joining SVB in 2009, he worked at several large international financial institutions, including National Westminster Bank, Irving Trust, Bank of New York, State Street Bank and Commerce Bank. He has been an institutional trader, product developer, analyst, salesperson and advisor.

Petruska has been awarded several professional designations, including the CFA (Chartered Financial Analyst), FRM (Financial Risk Manager) and CMT (Certified Market Technician). He earned his undergraduate degree in Finance & Banking from the University of Wisconsin.

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