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FX Update

U.S. GDP data beat expectations sending the dollar stronger versus G-10 currencies

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GDP data out of the U.S. this morning showed the economy growing at 2.1%, higher than the expected 1.9%. The dollar rose on this news following an already strong sentiment from the beginning of the week. Month-end flows are anticipated to start today ahead of the Thanksgiving holiday.
“Reflect upon your present blessings — of which every man has many — not on your past misfortunes, of which all men have some.”

Happy Thanksgiving from SVB’s Foreign Exchange team
Charles Dickens
  • FX Rates
    November 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 dollar again pushed higher verses G-10s driven by more positive talk surrounding the U.S.-China trade dispute and after Q3 GDP estimates came in at 2.1% versus 1.9% expected. Also, US Durable goods rose 1.2%, beating estimates. Jobless claims and home sales are due out later today.
    The pound rebounded slightly, mostly driven by election polls and an increase in demand amid month-end flows. Election watchers will eagerly await today’s YouGov MRP poll which projects seat by seat results and is due out tonight GMT.
    The euro ticked below 1.10 driven by upbeat US data. EURUSD volatility remains near record lows and will continue trading in a tight range in the absence of major shifts such as a change in monetary policy.  ECB President Christine Lagarde gave a speech yesterday in which she said the existence of the euro is to secure trust in money so people can focus on what really matters to them.
    The Canadian dollar rallied slightly and remains steady against the dollar amid risk-on sentiment ahead of US data.

    JPY slid again versus the dollar as a risk-on attitudes sent investors away from safe-havens and to the soaring equity markets.

    The onshore yuan has strengthened for a third session on hopes that the US and China are getting close to inking a Phase 1 deal. Steven Leung, executive director at UOB Kay Hian (Hong Kong) Ltd., said a trade pact would mean there is no need for a weak yuan to offset tariffs on Chinese products.

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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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