Dollar lower on trade tensions

Initially down more than 0.6%, the dollar regained some lost ground amid an uptick in demand for haven currencies as trade tensions between the US and China continue. Many US cities engaged in protests over the weekend in reaction to the recent racially charged deaths of Breonna Taylor, George Floyd and Ahmaud Arbery.

Monday: Markit Fr Manufacturing, US ISM manufacturing

Wednesday: CA Rate decision, MBA Mortgage Applications

Thursday: Jobless Claims

Friday: Nonfarm Payrolls, GE Factory Orders

  • FX Rates
    June 1, 2020

    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

    Initially down 0.6%, the greenback pared some losses as investors looked for safe haven cover after the Chinese government had agricultural companies suspend the purchase of American soy imports. The Chinese action followed President Trump’s comments on Friday saying trade privileges with Hong Kong would be pulled back.

    Sterling advanced versus the dollar to the highest level since May 11. Investors look ahead to EU-UK Brexit talks this week.

    The euro rose for a fifth day on ongoing short coverings ahead of the ECB meeting this week.

    The Canadian dollar rose to 11-week highs versus the greenback and was the strongest performer behind the Australian dollar.

    The yen picked up on safe haven demand after China withdrew purchases of American soy products. The offshore yuan slipped on the continued US-China trade tensions. Australian dollar was the top G-10 performer pushing through the 200-day moving average reaching a four-month high versus the greenback.

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
See all of SVB's latest FX information and commentary at

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at You can withdraw your consent at any time.

Kathryn Garvey
Kathryn Garvey

Insights from SVB Industry Experts

SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Global stocks reach all-time highs on strong China GDP, soft US bond yields


Daily FX Update: Lower dollar, higher stocks amid upbeat US earnings & economic data


Daily FX Update: Stocks firm, dollar lower ahead of bank earnings reports


Daily FX Update: CPI exceeds expectations, stocks and dollar mixed


Daily FX Update: Stocks & dollar lower ahead of inflation and retail sales data


Daily FX Update: Treasuries, Dollar tick higher to end week