Risk-on mood returns to the markets as equities are set to rise second day

Equities advanced yesterday on hopes of slowing virus spread in Italy, Spain, and New York, and are set to rise again this morning. Market optimism has weakened demand for the dollar as the US currency loses ground for the second straight day. Demand for gold remains supported as investors see the possibility of a weakened dollar following trillions of government stimulus.

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  • FX Rates
    April 7, 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 greenback is down 0.8%, dropping versus all G-10 peers amid surging equities and increased demand for commodity-linked currencies, as the virus shows signs of slowing spread in China, Italy and Spain.
    GBP
    PM Boris Johnson was moved to intensive care yesterday after his battle with coronavirus intensified. After initially dropping nearly 1% on the news, the pound pared gains and is now up trading above $1.2350.
    EUR
    The euro climbed over 1% versus the greenback on optimism in the eurozone and amid a proposed $540 billion stimulus plan.
    CAD
    The Canadian dollar gained versus a weakening USD as equity futures pointed to a second day of gains. Oil gained in the markets on a hopeful agreement between Saudi Arabia and Russia at their meeting this Thursday.
    ASIA/PACIFIC

    China’s offshore currency rose 0.51% versus the US dollar to 7.0710, but remains range-bound despite broad dollar strength and concerns over China's export outlook.

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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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