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FX Update

US dollar is mixed after Treasury Secretary Mnuchin comments at G-7 conference


The G-7 conference is underway in France with US Treasury Secretary Steven Mnuchin providing neutral comments on the US dollar and a positive outlook for US-China trade negotiations. Optimism about Brexit and strong data out of the UK sent the pound higher. A report that the ECB is reevaluating their target inflation rate drove the euro lower.
“Metaphors have a way of holding the most truth in the least space.”
Orson Scott Card, American Novelist
  • FX Rates
    July 18, 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 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.
    The 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.

    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.


    Despite 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.


    Mnuchin 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.

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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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