FX Update

US Dollar is mixed, but trending overall higher

" | 

The dollar is slightly stronger due to safe haven status and optimistic actions surrounding US-China trade relations. The markets are focused on the ECB meeting on Thursday and the selection of the new British Prime Minister on Tuesday.

Monday: US Chicago Fed National Activity Index

Tuesday: UK Confederation of British Industry data, FHFA House Price Index, Richmond Fed Manufacturing Index, EU Consumer Confidence, US Existing Home Sales

Wednesday: Australian July Preliminary PMI, Japan May Final Coincident and Leading Indexes, German and EU PMI data, US PMI data, New Home Sales

Thursday: German IFO Business Climate, Expectations and Current Assessment, ECB meeting and interest rate statement, US June Preliminary Wholesale Inventories and Durable Goods, Initial and Continuing Claims

Friday: Advanced US Q2 GDP PMI, Existing Home Sales

  • FX Rates
    July 22, 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 strengthened on Friday to end the week higher against the pound and held steady inside the week's range against the euro. The volatile situation with Iran helped the US dollar strengthen as a safe haven currency. On the trade front, China made some positive moves to get the talks restarted. Chinese companies asked US exporters about buying agricultural products and applied for exemptions from the retaliatory tariffs, according to the Xinhua News Agency. An interest cut of 25 basis points is expected at the FOMC meeting at the end of the month.


    The vote to select the new Prime Minister will happen on Tuesday. Boris Johnson is the favorite to take the position. If he should win a number of cabinet resignations are expected. The pound is slightly weaker since its UK opening.   


    The European Central Bank will meet on Thursday, and the prospect of more monetary stimulus is on the table with one or more 25 basis point cuts expected this year. The euro is trading at the bottom end of its July range.


    The Canadian dollar looks softer this morning despite a spike in oil prices due to tensions in the Strait of Hormuz.


    The Chinese newspaper Xinhua reported that local firms are looking to buy US farm products. Asian equities followed the DOW’s move lower on Friday.
    In Hong Kong, riots continued over the weekend.

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/trends-insights/foreign-exchange-advisory

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 privacy@svb.com. You can withdraw your consent at any time.

Laurence Hayward
Laurence Hayward

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.
Dollar higher on haven status
Dollar higher to end quarter
Dollar lower as equities rebound
Dollar stronger on Covid concerns
Risk aversion lifts dollar
Dollar stronger on tariff concerns