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Dollar remains strong as global risk appetite remains infected

The dollar continues to dominate versus major peers in the wake of a decrease in global risk appetite. Spot prices for gold shot to a 7-year high in the rush for haven assets. Upbeat PMI out of the UK and eurozone provided a slight lift to the euro and pound. Markets will continue to listen for any news about the spread of the virus.
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  • FX Rates
    February 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 US dollar held near a four-month high as investors stay in haven assets. Gold climbed as much as 1.1% to 1,646 an ounce – the highest level since 2013. In the US, the democratic party nominee race continues to dominate headlines. US manufacturing, services and composite PMI will be released this morning.
    GBP

    The pound recovered slightly after upbeat UK manufacturing PMI for February indicated growth in the sector. Brexit and coronavirus fears will continue to direct the GBP/USD currency pair.

    EUR

    The euro gained slightly after eurozone manufacturing PMI came in ahead of expectations. German export orders missed expectations as manufacturers show worry about the virus’s impacts on supply chains. An early rise in the euro was short-lived, as the rising number of virus cases in South Korea dampened global risk appetite.

    CAD

    The Canadian dollar is trading sideways in the face of overall US dollar dominance. Canada’s Retail Sales for December will be released today.

    ASIA/PACIFIC

    The yen advanced to reverse two days of losses after BoJ Governor Haruhiko Kuroda said the central bank won’t hesitate to act if the coronavirus begins to impact the economy – but also cited that action is not yet required.

    The Australian dollar slipped 0.3% versus the US currency to its lowest level since 2009 following news that a composite PMI dropped to 48.3.

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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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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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