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Dollar mixed on risk-off tone and upbeat European data

The dollar is mixed versus its major peers today. The GBP and EUR were bid as UK unemployment hit the lowest level in 40 years and eurozone consumer confidence hit the highest level in four years. Modest demand for the dollar was seen following a rise of a disease outbreak in China ahead of expected mass travel for the Chinese Lunar New Year.

Tuesday: World Economic Forum in Davos, Switzerland begins, German ZEW Surveys

Wednesday: Bank of Canada Rate Decision, Canada CPI

Thursday: US Jobless Claims

Friday: Markit France Manufacturing, Markit Eurozone Manufacturing

  • FX Rates
    January 21, 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 slightly lower versus most G-10 peers and is awaiting fresh direction. A bid for haven currencies due to a deadly virus outbreak in China was offset by upbeat data out of the UK and eurozone. The US data calendar is blank today, and the Fed remains in a blackout period ahead of the January meeting.

    GBP
    The pound advanced 0.5% versus the greenback following a UK labor report showing the unemployment rate at 3.8%, a 40-year low. Markets are pricing in a 60% chance of a rate cut by the Bank of England come January 30.
    EUR

    The euro rose slightly after German ZEW survey showed investor confidence rose to the highest level in four years.

    CAD

    The Canadian dollar slipped versus the dollar amid lower oil prices and a flight to safety as markets reacted to the increased seriousness of a deadly virus in China.

    ASIA/PACIFIC

    The Japanese yen rose versus the dollar amid risk-off sentiment ahead of China’s Lunar New Year holiday. The Bank of Japan left rates unchanged as expected and adjusted their GDP growth forecast up to 0.9% from 0.7%.

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/foreign-exchange

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About the Author

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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