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FX Update

Dollar set to have worst week since June

US dollar remains weak following release of disappointing US employment data and as the risk-on rally continues.

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  • FX Rates
    September 6, 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

    Dollar lower against its peers following the release of US Non-Farm Payrolls (NFP), which showed a gain of 130,000 jobs vs. expectations of 160,000. Market will focus on Federal Reserve Chairman Powell’s speech later today.


    Prime Minister Boris Johnson yet again called for a general election. Sterling is set to gain more than 1% on the week, its best in four months, as it seems Johnson’s plan to move forward with a Brexit on October 31, with or without a deal, is highly unlikely.


    EUR/USD remains largely unchanged, trading within weekly range. The market’s focus will be on Federal Reserve Chairman Powell’s speech later today.


    Markets were surprised this morning after Canada’s jobs data showed 81,100 jobs added last month vs. the expectation of 20,000. Over the past 12 months, Canada has added 471,300 jobs – the most since 2003. The loonie strengthened almost 0.5% against the US dollar on the news, currently trading below the 1.32 handle.


    The Japanese yen has been the only G-10 currency to retreat vs. the dollar this week given the risk-on sentiment. Prior to the release of US NFP, the USD/JPY rose to a 107.10 high. The currency pair sold off immediately following the data release which was below expectations.

    The Aussie dollar hit a one-month high following news that the US and China will resume trade talks and US NFP was released below expectations. AUD/USD gained over 1% in the past two days attributed to RBA’s decision to hold rates and the release of GDP data.

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