Dollar lower ahead of tomorrow’s CPI reading

Yesterday’s selloff in equities has extended globally driven by tech sector losses on inflationary fears. The dollar extends its slide lower versus G-10 peers as the euro and pound tick up notably versus the US currency.

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  • FX Rates
    May 11, 2021

    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 lower along with equities amid inflation fears. Markets will keep an eye on CPI numbers out tomorrow for signs of inflation. The US pipeline that is currently disrupted due to a cyberattack is expected to return to capacity by this weekend.

    GBP

    Cable climbed again on re-opening optimism and ahead of the Queen’s speech today which will outline government policy program for next year. For the first time since the beginning of the pandemic, England reported no daily deaths from Covid-19.

    EUR

    The euro ticked higher following German inflation and ZEW survey data which came in better than expected. ZEW economic sentiment jumped to 84.4 – the highest level in two decades as markets are optimistic about an economic upswing in the coming months.

    CAD
    The Canadian dollar trades flat versus the greenback as oil retreated on optimism that US pipeline service will be restored by the end of the week.
    ASIA/PACIFIC

    The yen strengthened on safe haven demand and is 0.2% stronger versus the dollar.

    The offshore yuan strengthened on PBOC comments and an increase in factory prices in China.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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