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FX Update

Dollar strengthening continues, Boris Johnson elected as new Prime Minister


The markets are focused on the ECB meeting on Thursday. In the UK, Boris Johnson was just announced as the selection for the new Conservative British Prime Minister, bringing Brexit back into focus. Trump said Johnson will be a “great” leader. The IMF cut the World Growth forecast to 3.2% from 3.3%, citing trade tensions.

"To plant a garden is to believe in tomorrow."
Audrey Hepburn
  • FX Rates
    July 23, 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 dollar’s slow strengthening continues. Yesterday, President Trump announced an agreement to suspend the debt ceiling and boost spending limits for the next two years. The bill is subject approval before the summer recess that starts at the end of this week. There was no new news on trade talks with China.


    With Boris Johnson as the new Prime Minister, a number of cabinet resignations are expected. Markets will refocus on Brexit after the new cabinet has fallen into place. The pound has shown little reaction to the news.


    The European Central Bank will meet on Thursday. The prospect of more monetary stimulus is on the table. One or more 25 basis point cuts are expected this year. The euro has lost about half a cent against the dollar in the last day.


    The Canadian dollar has also weakened against the USD as oil prices fell. 


    Equities in Asia are a little higher. Both the Japanese Nikkei and the Shanghai Composite rose.

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About the Author

Laurence Hayward is the Senior Advisor for International Markets and Risk for Silicon Valley Bank in its Central Region. He is responsible for helping clients mitigate foreign exchange risk, including trade finance and international cash management.

Hayward has over 40 years in the foreign exchange and interest rate markets, with experience as a banker, broker, trader and marketer / advisor. He has worked in London, Abu Dhabi, Dubai, Singapore, Hong Kong, New York, Houston, Dallas, Santa Clara and Denver for Barclays International, First National Bank of Boston, Tullett and Tokyo Forex International, Gulf International Bank, NationsBank, Bank One, Cambridge Mercantile Corp. and Silicon Valley Bank. He has made presentations to the national AFP, the New Orleans AFP, the Houston TMA. Fort Worth Chamber of Commerce, the University of Colorado at Boulder, the KPMG Global Enterprise Institute in Denver, and many bank presentations on the subjects of foreign exchange, international risk, FASB accounting rules and quant analysis. He has also been published in the Wall Street Journal, the New York Times, and many periodicals.
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