The dollar fell after US jobs data came in short of expectations

Jobs numbers out of the US disappointed coming in 15K shy of expectations with a miss in wage growth. The dollar was sent lower on the news. Canadian jobs data came in ahead of expectations sending the loonie higher versus the greenback. Phase I of the US-China trade deal is set to be inked next week adding risk-on sentiment to the market.

 “The only person you should try to be better than is who you were yesterday.”
– Unknown
  • FX Rates
    January 10, 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

    After three days of gains, the greenback sank after US employment numbers for December disappointed showing payrolls rising 145K – 15K short of estimates. Average hourly earnings showed an increase of 2.9% YOY versus 3.1% expected. Unemployment rate held steady at 3.5%.


    After a slight drop yesterday following BoE governor Carney’s dovish comments, the pound recouped some losses driven mostly by a miss in US jobs data.


    The euro rose briefly 0.1% to 1.114 session highs and was slowed by large 1.11 expiries over the next few days. The euro was driven higher also on a drop in the dollar due to a miss on US payroll numbers.


    Strong job numbers out of Canada drove the loonie higher. Employment rose 35.2K in December smashing expectations of 20K. Unemployment also dropped from 5.9% to 5.6%.


    The safe-haven Japanese yen weakened amid expectations that phase I of US-China trade pact will be signed next week leading to an increase in risk appetite.

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.

Daily FX Update: Risk-on sentiment persists


Daily FX Update: Dollar falls to two-year lows amid month-end flows and vaccine optimism


Daily FX Update: Stocks and bonds mixed, dollar up slightly, copper soars


Daily FX Update: Dollar gains with focus on new virus restrictions


FX Daily Update: Markets quiet with focus on vaccine news


Daily FX Update: Markets retreat, retail sales disappoint