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Dollar strong as coronavirus sours sentiment

The dollar continues to rise on virus-impact concerns. Apple indicated that they don’t expect to meet revenue guidance for Q1 due to work slowdowns amid the coronavirus outbreak. Additional companies are expected to follow Apple’s lead. The pound was the only major currency advancing versus the dollar after UK Finance Minister Sunak confirmed a budget will be delivered on time.

ECONOMIC DATA:
Tuesday: German ZEW Survey, NAHB housing market index, December TIC flows, Empire Manufacturing

Wednesday: UK/CANADA/EC CPIs

Thursday: US Jobless Claims, Philly Fed

Friday: French Markit Manufacturing

  • FX Rates
    February 18, 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 is trading higher versus G-10 peers to nearly a four-month high, its strength derived from expected economic impacts of the coronavirus on global economic growth. February Empire manufacturing came in better than expected, and NAHB Housing Market Index and Treasury International Capital (TIC) data (which measures flows of portfolio capital into and out of the US) are also due out today.
    GBP

    The pound outperformed and pushed past $1.30 after British Finance Minister Rishi Sunak confirmed he will deliver a budget as planned on March 11. The pound reversed negative positions versus both the dollar and the euro on conflicting reports of EU/UK trade negotiation progress.

    EUR

    The euro hit a three-year low versus the dollar in early trading after German ZEW missed expectations and as the coronavirus weakens Europe’s trade potential.

    CAD

    The US dollar is stronger versus the loonie after Canada’s manufacturing sales fell in December. The USD/CAD currency pair rose to its highest level in six days.

    ASIA/PACIFIC

    USD/JPY is tracking largely sideways as the safe haven currencies remain strong in the wake of the coronavirus. Japan posted is second-worst quarter in a decade, reporting GDP in Q4 ’19 fell 6.3% annualized driven by a drop in consumer spending.

    USD/CNH traded to a one-month high of 7.0231 - above the psychologically important 7.00 figure - as Asia reacts to Apple’s warning, and the PBOC's lowering of repo rates in an attempt to mitigate short term consequences of the coronavirus outbreak.

     

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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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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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