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Daily
FX Update

Dollar mixed amidst month end and quarter end flows; largely unchanged after US data release

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The dollar strengthened relative to the British pound, Japanese yen and Indian rupee but lost ground relative to most other currencies. Mixed trading due to quarter-end rebalancing and a general risk-on sentiment may lead to a volatile last two trading days of the quarter.

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  • FX Rates
    September 27, 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 greenback is mixed amidst month and quarter-end flows and little changed following release of US durable goods and personal spending data this morning. Fed Reserve Bank of Philadelphia President Patrick Harker stated that the US economy is in good shape but could face uncertainty with weaker global growth and trade tensions.

    GBP

    Sterling fell to levels below 1.23, its worst level in 3 weeks, following comments from Michael Saunders, a member of the Monetary Policy Committee at the Bank of England. His commentary sparked fears that a rate cut could happen even if a no-deal Brexit is avoided. The pound has since reversed losses trading to a session high of 1.2337.

    EUR

    The euro moved off lows for the month amid broad dollar weakness. Month-end and quarter-end short-covering was seen as FX traders lightened bearish euro positions.

    CAD

    The Canadian dollar strengthened versus the US dollar despite a drop in oil prices. News of a possible Saudi-Yemen cease fire eased tensions in the Middle East and drove oil prices down nearly 3% to $55.80 per barrel (WTI).  

    ASIA/PACIFIC

    The USD/JPY moved back above 108 as a modest risk-on sentiment took hold in the marketplace.
    Asian currencies rose overnight as traders, who have been running long USD positions and short Asian currencies, covered positions amid month-end and quarter-end adjustments.

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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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About the Authors

Cate Camerota is currently an FX Advisor at Silicon Valley Bank focusing on early stage and growth Technology names in New England and Eastern Canada. Prior to SVB, Cate worked in FX Sales/Trading at Wells Fargo and Citizens Bank where she supported a portfolio of Middle Market and Mid-Corp clients throughout the Northeast. Cate helped clients identify FX risk and implement strategic hedging programs.

Outside of work, Cate is involved with the Boys & Girls Club of Boston Friends Council, Ladies FORE Finance (women's golf league) and My Life My Choice.

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Scott Petruska is Chief Currency Strategist and senior advisor for Silicon Valley Bank’s global financial services group, and is based in Boston, MA. He advises clients on currency and interest rate hedging strategies, and helps them with other aspects of global banking. He regularly writes blogs on topics covering the global financial markets, conducts client seminars and webinars, and speaks at regional financial conferences.

Petruska has more than 30 years experience in the currency and interest rate markets, and has lived and worked in Boston, Chicago, New York City, Singapore and Tokyo. Prior to joining SVB in 2009, he worked at several large international financial institutions, including National Westminster Bank, Irving Trust, Bank of New York, State Street Bank and Commerce Bank. He has been an institutional trader, product developer, analyst, salesperson and advisor.

Petruska has been awarded several professional designations, including the CFA (Chartered Financial Analyst), FRM (Financial Risk Manager) and CMT (Certified Market Technician). He earned his undergraduate degree in Finance & Banking from the University of Wisconsin.

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