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Dollar lower as foreign equities climb

Foreign equities climbed in-line with US equities as the risk-on mood continues into year-end. The dollar is lower across the board, particularly against the euro and UK pound. China saw a pick-up in industrial profits. In Europe, a gauge of confidence in investment-grade debt hit its highest level since 2007.

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  • FX Rates
    December 27, 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 declined across the board, as the risk-on mood continues to benefit foreign currencies. The dollar is not benefiting from news of Alaska’s Republican senator signaling uncertainty and four other Republicans seen as possible votes to impeach. Trump’s re-election is taken as bullish news for the financial markets, his impeachment as bearish news.

    GBP

    A rise in the UK pound is helped by new European Commission President Ursula von der Leyen saying that the EU may need to extend the 2020 year-end deadline to conclude talks about a new trade relationship with the UK.

    EUR

    The euro gained in thin liquidity markets as large speculators covered short positions. Economic data and geopolitical announcements were light as we head into year-end.

    CAD

    The Canadian dollar rallied to its highest level since October amid overall weakness in the US dollar. Canadian 2-year yields continue to exceed US yields. Oil prices edged higher.

    ASIA/PACIFIC

    The Chinese yuan and Japanese yen held steady. The month-long positive trend for Asian emerging market currencies remains intact.

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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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Scott Petruska, CFA
WRITTEN BY
Scott Petruska, CFA

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