US Dollar is mixed versus peers, markets eye consumer confidence and jobless claims due out tomorrow

COVID-19 cases rose in the US and Europe yesterday as the UK reported the highest number of deaths to date. Hope of a global plateau initially boosted equity markets yesterday, but the rally lost steam by New York’s close. The dollar is mixed, but gaining traction in the wake of disagreement by European finance ministers on economic strategy.

**JOIN US**
For a live video event - COVID-19 and Currency risk: Act or wait?
Thursday, April 9 at 10:00a PT/1:00p ET
Register 
here
  • FX Rates
    April 8, 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 is mixed versus G-10 peers, but up 0.2% nonetheless following news that European finance ministers failed to agree on a strategy to mitigate the economic impact of the virus. Jobless claims and consumer confidence numbers are due out tomorrow, and will reveal how quickly unemployment is rising, as well as how badly the consumer has been hit.

    The Trump administration is working on a plan to expand widespread testing for Americans and re-open smaller communities that have not been hit badly with the coronavirus. US National Economic Council Director Larry Kudlow said that the hope is to have the economy fully open in the next four to eight weeks.
    GBP
    The pound led G-10 gainers and is up 0.3% as gilts rally. UK PM Boris Johnson remains in intensive care where his condition is reported to be “stable”.
    EUR
    The euro is weaker after European finance ministers failed to agree on a €500 billion package to mitigate the economic impact of the pandemic. They are due to continue talks tomorrow. The ECB took off some pressure after it announced further measures to relieve market stress.
    CAD
    The loonie pared yesterday’s gains to trade lower versus the greenback as stock futures and the dollar gained traction in reaction to the latest coronavirus news.
    ASIA/PACIFIC
    The Chinese yuan weakened versus the stronger dollar as investors continue to assess the long-term impact of COVID-19. Wuhan officials have started to allow people to leave the city for the first time since late January if they have been cleared as healthy.
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.

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.

Commodity-linked currencies decline as USD gains

 

Daily FX Update: US dollar on track for largest 2-day gain in 7 weeks

 

Daily FX Update: Dollar ends lower for sixth straight week

 

Daily FX Update: Dollar steady after GDP slump

 

Investors sell dollar ahead of Fed meeting

 

Dollar stronger and gold retreats for $2,000