FX Update

FX markets are quiet coming into the weekend as traders see little catalyst

The US dollar is up slightly vs. most G-10 currencies as the major news themes driving the markets have settled into a familiar pattern. China and the US send signals of wanting a trade agreement, but little real progress gets made. Brexit is on hold until after next month's election and economic data falls into generally predicted ranges. Volatility is low making options cheap.

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  • FX Rates
    November 22, 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 drifts upward as equity futures point to a positive day on Wall Street. President Trump signed a four-week stopgap spending bill to delay a possible government shutdown until December 20.
    Trade Representative Robert Lighthizer and House Speaker Nancy Pelosi failed to seal a deal on the stalled US-Mexico-Canada free trade accord, increasing the chances it won’t reach Congress this year. Manufacturing and Service data for November will come out later this morning.


    The pound fell this morning after Manufacturing and Services PMI readings came in weaker than expected. Both readings fell further below 50 representing a contraction. The readings are the worst since July 2016 and are blamed on uncertainty surrounding Brexit and the election next month.


    The euro is weaker today as PMI data for November came in below expectations for the eurozone. Although the data still shows growth, the Services sector, which has been holding up better than manufacturing, was worse than anticipated.


    The Canadian dollar strengthened late yesterday when Central Bank Chief Poloz indicated the banks benchmark rate was about right. Markets had begun to price in a rate cut. This morning the C-dollar is stronger still after better than expected retail sales for October.


    Chinese renminbi is flat again today.  Premier Li Keqiang spoke at an IMF meeting and promised to continue opening up the Chinese financial system and keep the renminbi steady.
    Japan’s yen was little changed against the greenback after inflation arrived a tick lower than forecast.

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