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Upbeat data out of the eurozone overshadow risk-off sentiment sending dollar lower

The dollar weakened versus most G-10 peers as upbeat data out of the eurozone overshadowed the market’s risk-off tone. Both UK and eurozone PMI revisions rose, strengthening their currencies. Haven assets, including gold, the Japanese yen and Swiss franc, advanced showing a soured market sentiment following escalation in tensions between the US and Iran.

Economic Data this Week

Monday: US Markit PMI later this morning

Tuesday: US Durable Goods

Wednesday: GE Factory Orders, FR Consumer Confidence

Thursday: US Jobless Claims, GE Industrial Production

Friday: US Nonfarm Payrolls, FR Industrial Production, CA Unemployment

  • FX Rates
    January 6, 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

    The dollar slipped against most G-10 peers amid tensions with Iran. Investors flocked to safer asset classes including the Japanese yen, Swiss franc and gold. Spot gold prices rose to the highest level in 7 years. Markets will closely watch Friday’s employment data where a gain of 160K non-farm payrolls is expected.

    GBP

    The pound also advanced nearly half a percent versus the dollar after UK Services PMI was revised up to 50.00 – a sign the UK economy is not as weak as initially thought. This week, British lawmakers will reconvene to further debate the EU divorce deal PM Johnson has agreed with Brussels.

    EUR

    The euro advanced after Eurozone Services PMI beat estimates and rose to 52.8 in December.

    CAD

    Despite crude oil prices topping $70 a barrel, the loonie did not strengthen. Industrial Product Price Index rose 0.1% in November after being unchanged in October beating expectations of a 0.5% decline.

    ASIA/PACIFIC

    The Japanese yen rose to 3-month highs versus the dollar on haven status buying following rising tensions between the US and Iran.

    On trade watch, a delegation from China has tentative plans to travel to Washington on 13 January to sign phase one of a trade pact.

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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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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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