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FX Update

The greenback bounced back after the NY Fed withdraws dovish comments


Fed comments yesterday that sent the dollar weaker were withdrawn, which pared some of the dollar’s losses. The UK is expected to have clarity on Brexit come next week as Tory leadership will be finalized on Tuesday. The eurozone turns its attention to the ECB meeting next week in which rates may be cut.

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  • FX Rates
    July 19, 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 stronger this morning, boosted by positive signs out of US-China trade talks and a clarification from the New York Fed that Fed President John William’s comments that sent the dollar lower yesterday, were in the context of academic research and not about upcoming actions. Investors have priced in a 35% chance of a 50 basis point rate cut. University of Michigan Sentiment is due out this morning.

    The pound slid slightly this morning on a wider budget deficit and the stronger dollar. The Brexit saga continues next week when either Jeremy Hunt or Boris Johnson will be elected Prime Minister. Results are due on Tuesday.  
    The euro dropped versus a rebounding US dollar as investor attention turns to a potential ECB rate cut next week. Markets are pricing in a 45% chance of a 10 bp cut. German Producer Prices were lower than expected coming in at -0.4% actual versus -0.1% expected.
    The Canadian dollar fell from its 8-month high this morning after Retail Sales slid 0.1% in May versus a 0.3% gain expected. The currency also fell after the New York Fed walked back dovish comments made by John Williams, the bank’s president.

    The PBOC injected 100 billion yuan ($14.5 billion) into the financial system to boost liquidity after corporate tax payment season.

    The New Zealand dollar rallied over 1% to six-week highs, as markets reacted to Fed rate cuts which enhanced the attractiveness of high interest rates in New Zealand.

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About the Author

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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