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Daily
FX Update

The dollar is stronger to start the fourth quarter, Johnson set to reveal revised Brexit plan

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The dollar continues its strengthening to begin the 4th quarter. The UK pound awaits direction from Boris Johnson’s rumored new Brexit plan. China and Hong are on holiday today and the Australian Central Bank cuts rates. US data today includes September PMI and ISM data.

"With the new day comes new strength and new thoughts."
Eleanor Roosevelt
  • FX Rates
    October 1, 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 continues its slow strengthening, helping the Dow rise 96 points yesterday. The attempted impeachment inquiry of President Trump is a key point of focus. Stocks yesterday ended the quarter with all three indices rising.

    GBP

    Sterling attempted a breakout rally against the dollar late in the day Monday before retracing back to its opening levels. Boris Johnson is rumored to be presenting his revised Brexit plan to parliament. One of the most important points will be the Irish backstop which is expected to include customs centers on both sides of the border between Ireland and Northern Ireland. The Nationwide House Price Index fell to +0.2% annually missing the forecast of +0.5%.

    EUR

    The euro is weaker again against the dollar - which is stronger across the board. Inflation for the area features on today’s economic calendar with the core reading expected to slip to 0.9% for September. Manufacturing PMI for the bloc is expected to remain flat at 45.6.

    CAD

    The Canadian dollar is under pressure as Q4 begins. July GDP was flat failing to meet the +0.1 forecast. WTI oil is also helping as it increased 64 cents today to $54.70 a barrel.

    ASIA/PACIFIC

    China and Hong Kong area on holiday today. Japanese confidence number fell as new tax changes start today. In an expected rate cut, The Australian Central Bank cut interest rates a quarter of a percent to 0.75%. In the accompanying statement, the central bank said to expect an extended period of low interest rates. The Aussie dollar weakened on the news.

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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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Laurence Hayward
WRITTEN BY
Laurence Hayward

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