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FX Update

Dollar mixed, euro higher as ECB rates unchanged

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The dollar showed a mixed performance overnight, higher against the UK pound ahead of today’s UK election, and lower against the euro following the ECB’s announcement of no change in their benchmark rates. Equities are set to open lower alongside European stocks as traders move past this week’s central bank announcements and refocus on the US-China trade war.  Trump just tweeted that a US-China trade deal is ‘very close to a big deal’, equities jumped.

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  • FX Rates
    December 12, 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 market’s reaction to yesterday’s Fed announcement was net dovish as the FOMC held rates steady and their “dot plot” shows they do not anticipate any rate changes next year. Light trading activity was seen due to traders awaiting two highly important events -- today’s UK election and Sunday’s scheduled U.S. tariffs on Chinese imports.


    The UK pound fell from early highs, and now trades lower on the day. A wide one cent trading range was seen, 1.3125-1.3225, as traders adjust positions ahead of today’s UK general election. Results will be announced early morning in the UK, late evening in the States. Opinion polls show a narrowing in the race between the Conservative and Labor Parties, pushing prices much higher for currency options providing downside protection for the pound.


    The ECB kept interest rates unchanged today. The euro edged higher and is now trading comfortably over $1.11, but still under key resistance at $1.12. New ECB President Christine Lagarde offered no surprises in her first meeting and press conference as head of the ECB.


    The loonie weakened overnight against the US dollar, but is more significantly lower against its G-10 peer currencies. Traders await today’s Bank of Canada Governor Stephen Poloz’s s speech – titled “Seeing the Big Picture with 2020 Vision” -- and press conference.


    The Chinese yuan weakened slightly overnight as traders await Sunday’s tariff announcement. President Trump has kept China (and us all) guessing on next steps, including whether or not he will postpone the tariffs.


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About the Author

Scott Petruska is Chief Currency Strategist and senior advisor for Silicon Valley Bank’s global financial services group, and is based in Boston, MA. He advises clients on currency and interest rate hedging strategies, and helps them with other aspects of global banking. He regularly writes blogs on topics covering the global financial markets, conducts client seminars and webinars, and speaks at regional financial conferences.

Petruska has more than 30 years experience in the currency and interest rate markets, and has lived and worked in Boston, Chicago, New York City, Singapore and Tokyo. Prior to joining SVB in 2009, he worked at several large international financial institutions, including National Westminster Bank, Irving Trust, Bank of New York, State Street Bank and Commerce Bank. He has been an institutional trader, product developer, analyst, salesperson and advisor.

Petruska has been awarded several professional designations, including the CFA (Chartered Financial Analyst), FRM (Financial Risk Manager) and CMT (Certified Market Technician). He earned his undergraduate degree in Finance & Banking from the University of Wisconsin.

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