.png){kind=logo}
US dollar is mixed after Treasury Secretary Mnuchin comments at G-7 conference
Kathryn Garvey | July 18, 2019
“Metaphors have a way of holding the most truth in the least space.” Orson Scott Card, American Novelist |
-
FX Rates
July 18, 2019Rates 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.
EUR/USD 1.1216 GBP/USD 1.2471 USD/CAD 1.3077 AUD/USD 0.7030 USD/JPY 107.97 USD/CNH 6.8855 USD/ILS 3.5435 USD/MXN 19.0459 USD/CHF 0.9872 USD/INR 68.9613
-
USDThe US dollar is a mixed bag this morning. The US dollar is slightly weakened after US Treasury Secretary Steven Mnuchin spoke at the G-7 meeting in France saying there is no change in US currency policy “as of now”. The dollar picked up some momentum after jobless claims were in-line with expectations and the Philly Fed index came in stronger than expected. University of Michigan sentiment is due out tomorrow.GBPThe pound is higher this morning after UK retail sales data outperformed expectations, reversing two straight months of declines. Upside momentum was also bolstered by somewhat positive Brexit news after Michel Barnier, chief negotiator for the EU, commented that he was open to an alternative plan for the Irish border.EUR
The euro is weaker this morning after a Bloomberg report indicated ECB staff have begun to reconsider their official inflation target. The current target is currently just below 2%. Lowering the target inflation rate could allow policymakers to provide additional stimulus for a longer period.
CADDespite higher oil prices, the Canadian dollar is lower versus the greenback this morning after the US - Canada 2-year yield spread widened to 35bps in favor of the USD – the widest since June 20th.
ASIA/PACIFICMnuchin plans to hold a call later today with Chinese counterparts on trade and has indicated he would potentially visit China if initial talks prove productive.
A report released by the International Monetary Fund (IMF) found no indication that China intervened in the foreign exchange market this year, and that the handling of the yuan was “broadly in line” with the state of its economy.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange
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 Policy. If you have privacy questions, you may contact us at privacy@svb.com. You can withdraw your consent at any time.
Thank you for subscribing to SVB's Daily FX Update.
You’re almost done. Please check your email box and follow the instructions to confirm your subscription. If you did not receive an email please check your Spam or Bulk E-Mail folder just in case the confirmation email got delivered there instead of your inbox. If so, select the confirmation message and mark it Not Spam, which should allow future messages to get through. We also suggest you whitelist the svb.com domain.
Please note that we will continue to send you communications that we need to send you (for example, to keep you updated on operational changes to your account, a product or a service) or that we are required to send you by law.
| Source: Bloomberg | |
| (*) | This article is intended for U.S. audiences only. ©2018 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. The views expressed in this email are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates. This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by us and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction. Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources. |