Dollar slides for fourth session

Dollar slides for fourth session

The dollar opens the week lower for the fourth straight session in thin trading. Equities remain steady with the S&P 500 within 1% of February’s record close. The pound and euro are only slightly changed versus the dollar as traders await directional bias from the market.

This Week’s Economic Data:

Monday: Japan Industrial Production
Tuesday: US Housing Starts
Thursday: France Markit Manufacturing
US manufacturing PMI, Eurozone Manufacturing PMI

  • FX Rates
    August 17, 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 dollar lags behind for a fourth straight session amid thin trading. Nancy Pelosi is set to call back Congress this week to vote on a Postal Service bill to ensure ballots can be delivered in time for the election. Congress departed for summer recess despite failing to come to agreement over another round of stimulus. The Democratic National Convention begins tonight and will be hosted virtually.

    The pound is down slightly versus the dollar trimming previous gains. The pair lacks directional bias amidst nervousness as markets wait for Brexit trade negotiations to resume in Brussels tomorrow.

    The euro trimmed gains and is up only slightly versus the dollar as European countries take on additional measures to stop the resurgence of COVID.
    The Canadian currency led G-10 gainers versus the dollar as the pair opened the week 0.3% lower mostly on dollar weakness.

    Despite a risk on mood in the markets, the yen gained for a second day. The US and China postponed talks aimed at reviewing progress at the six-month mark of their phase-one trade agreement as President Trump continues to mark tough positions against China ahead of November’s election.

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Kathryn Garvey
Kathryn Garvey

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