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Dollar ticks to four-month highs as markets await Fed minutes

The dollar is higher again this morning and mixed versus peers as coronavirus reports continue to drive sentiment. News of liquidity injections in China fueled a rise in commodity-linked currencies. The euro slid to three-year lows and is approaching a support level not seen since October of 2000. Investors await the Federal Reserve’s minutes from the January meeting where they will look for language indicative of the Fed’s sentiment on economic risks and insight into the central bank’s balance sheet policy.
Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish.
John Quincy Adams
  • FX Rates
    February 19, 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 US dollar rose slightly and further strengthened to a four-month high following higher-than-expected inflation figures and upbeat housing data. Investors eagerly await January’s Federal Reserve minutes to be released later today, as they may provide insight into the Fed’s thinking on economic risks and current balance sheet policy.

    GBP

    The pound rose slightly after UK inflation accelerated indicating the BoE may hold off lowering interest rates. The pound pared gains and is now lower for a third straight day. 

    EUR

    The euro remains under pressure near 3-year lows, as its been reported that large speculators are unwinding long euro positions, and building shorts. 

    CAD

    The Canadian dollar rose versus the dollar on strong inflation data and an uptick in oil prices, triggered by reports of China’s stimulus to combat economic fallout from the virus.

    ASIA/PACIFIC

    China is considering additional measures to protect the economy from the economic impacts of coronavirus. After a rate cut from PBOC this week, attention has turned to the airline industry where numerous travel bans have hit the industry hard. Protections could include direct cash injections and mergers for the struggling carriers.

    The Japanese yen traded lower amid optimism regarding global economic stimulus in the wake of the virus, which raised Asian equity markets. The USD/JPY currency pair surged to a 9-month high.

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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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