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Daily
FX Update

Dollar lower, equities higher on positive trade comments

 | 

Positive comments by Trump advisers on the progress with US-China ‘Phase 1’ trade negotiations is pushing global equities higher. The dollar index edged lower, but ended the week slightly higher. Bond yields moved higher.

“Yesterday is history. Tomorrow is a mystery. Today is a gift. That’s why we call it ‘The Present.’"
Eleanor Roosevelt
  • FX Rates
    November 15, 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 edged lower overnight. Positive trade comments fueled a slight risk-on mood, pushing the dollar lower. The Scandi currencies were the best performers of the majors.

    GBP

    The UK pound whipped around overnight within a 20 pip range and is virtually unchanged from yesterday’s close. It benefited the least of all the major currencies overnight from the risk-on sentiment in the markets. Traders focus on yesterday’s weak UK Consumer Sales data, as households may finally be giving in to Brexit uncertainty.

    EUR
    Although down on the week, the euro is finishing on a positive note. Trading is characterized by low volatility within a tight range. Traders await next week’s EZ manufacturing data, which will help determine if Europe is heading towards a recovery given some recent positive signals. German bund yields trade at -0.33%, much higher than August’s lows at -0.72%.
    CAD

    The Canadian dollar reversed early gains to end virtually unchanged. For the week, the loonie has lost about 0.50% versus the US dollar and is one of the weakest of the G-10 currencies. BOC Governor Stephen Poloz’s latest speech failed to provide hints as to further monetary policy easing, as he gave a more optimistic outlook for wage growth.

    ASIA/PACIFIC

    The USD/CNY currency pair is trading just over 7/USD and is on track for its first weekly gain for nearly two months. Traders are showing frustration with ongoing trade uncertainty and China’s decelerating economy.

    The Japanese yen weakened overnight, as the positive trade comments depressed its safe-haven status.

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

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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