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    • Daily FX Update

    Dollar subdued ahead of Friday’s jobs report

    Kathryn Garvey Headshot
    Kathryn Garvey
    • August 4, 2021

    The US dollar remains subdued on firming market expectations that the Fed will continue loose monetary policy for a longer period and as ADP payrolls disappoint. Moods are cautious in equity markets today and investors look ahead to Friday’s US monthly jobs report for fresh direction. The New Zealand dollar is the strongest versus the dollar this morning following unemployment numbers which triggered expectations of rate hikes.

    “Never doubt that a small group of thoughtful, concerned citizens can change the world. Indeed it is the only thing that ever has.” 

    Margaret Mead
    • FX Rates
      August 4, 2021

      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.

      EUR/USD1.1898
      GBP/USD1.3951
      USD/CAD1.2542
      AUD/USD0.7421
      USD/JPY108.74
      USD/CNH6.4563
      USD/ILS3.2059
      USD/MXN19.8196
      USD/CHF0.9020
      USD/INR74.1875
      USD/BRL5.1702
      USD/SGD1.3474
      USD/DKK6.2501
      USD/SEK8.5667
      USD/NOK8.7775

    • USD

      The dollar remains trading within a 0.1% range for the third day. ADP private-sector numbers for July fell short of expectations as US companies added 330K jobs versus 653K expected. Equities were pressured following ADP data and markets will watch for Friday’s full jobs report.

      GBP

      The pound ticked higher for a second day. The Bank of England is expected to keep rates unchanged tomorrow despite hawkish comments from some members of the committee.

      EUR

      After losing ground earlier in the session following the downward revision of PMI’s for July, the euro attracted dip-buying to recover. Nearby support is June 18th’s low of 1.1848.

      CAD
      The dollar outperformed versus the Canadian dollar yesterday as WTI trades below $70. The pair is directed by USD sentiment as traders focus on Fed speak and US jobs numbers due out Friday.
      ASIA/PACIFIC

      The yuan climbed versus the dollar after purchasing managers index rose to 53.1, beating analysts estimates.

      The Australian dollar is higher for a third session following RBA’s announcement to continue with the plan of tapering bond purchases.

      NZD was the largest gainer versus the dollar this morning as the jobless rate fell to 4%, fueling expectations of monetary tightening.

    Contact Us

    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/trends-insights/foreign-exchange-advisory

    Subscribe to receive the Daily FX Update in your inbox.

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    Please note that we will continue to send you communications that we need to send you (for example, to keep you updated on operational changes to your account, a product or a service) or that we are required to send you by law.

     Source: Bloomberg
     

    This article is intended for U.S. audiences only.

    ©2022 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

    The views expressed in this email are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates. This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by us and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

    Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal, accounting and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources.

    Kathryn Garvey
    WRITTEN BY
    Kathryn Garvey
    • View Author Profile
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