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Daily
FX Update

The U.S. dollar slides to the lowest levels in three months as Brexit optimism lifts pound and European equities.

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Positive moves coming out of the UK pushed the pound to $1.30 as Boris Johnson attempts to get lawmakers to agree on a withdrawal agreement. The euro followed the pound higher. Canadian elections take place today as Liberal Justin Trudeau faces Conservative Andrew Scheer.

ECONOMIC DATA RELEASES:

Tuesday: US Existing Home Sales

Wednesday: Japan PMI, EC Consumer Confidence

Thursday: US Initial Jobless Claims, ECB rate decision, US Durable Goods, US New Home Sales

Friday: German IFO Business Climate, Univ. of Michigan Sentiment

  • FX Rates
    October 21, 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 greenback is broadly lower versus G-10 peers, falling to its lowest level since July. Another possible rate cut in October has boosted risk appetite. No Fed speakers are scheduled this week in advance of the October 30 FOMC decision. Positive comments made by China’s top negotiator on the trade front has boosted global equities.

    GBP

    PM Boris Johnson’s first attempt to pass a Brexit deal through Parliament on Saturday failed – 322 against to 306 in favor. Today, he will try again to get UK lawmakers to agree in principle to the agreement, while the government will attempt to fast-track legislation. Johnson has asked European lawmakers for an extension through January 2020.  Optimism on the deal sent the pound to $1.30 this morning.

    EUR

    The euro is slightly higher this morning boosted by dollar weakness. The pair remains focused on risk trends with upbeat Brexit optimism providing a lift to the currency. PMIs and the ECB meeting this week will provide further direction. 

    CAD

    The loonie hit its strongest levels since July today after falling for a third straight session amid broad dollar weakness. Canadians head to the polls today as incumbent PM Justin Trudeau faces off versus Conservative Andrew Scheer. FX players will turn attention to BoC outlook after the election passes.

    ASIA/PACIFIC

    The yen is trading lower today following a rally in global treasury yields. The BoJ is considering additional stimulus to achieve its 2% inflation target.

    China’s Vice Premier Liu said that China will work with the US to resolve the core issues of the trade war and that a deal would benefit both sides of the world. These comments came at the same time PBoC Governor Yi Gang emphasized that a primary focus is to keep debt under control. Two policy meetings in the coming weeks will focus on how to keep China’s growth at or around 6%.

Contact Us

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

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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