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Daily
FX Update

Dollar the weakest in 3 days after jobless claims data and ahead of payroll tomorrow

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The dollar is lower in the third consecutive session after jobless claims rose to 219k, likely a result of the ongoing GM strikes. The WTO approved the US request to raise tariffs on European goods. The pound popped on uplifting Brexit news and the euro is slightly stronger versus a lower dollar. Falling oil prices are a drag on some of the producing countries' currencies. US awaits non-farm payroll data out tomorrow.

"The purpose of art is washing the dust of daily life off our souls."
Pablo Picasso
  • FX Rates
    October 3, 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 is lower for a third session after falling below the 99.00 level. There could be a new trade war between the US and Europe after the World Trade Organization approved the US request to raise tariffs on European goods worth up to $7.5 B. This is a reaction to the government subsidies that Airbus receives in Europe. A US Treasury official said the US is willing to negotiate a removal of the tariffs. Jobless claims rose by 4,000 to 219,000 – a four week high.

    GBP

    Northern Irish DUP MP Dodd said he will support Boris Johnson’s new Brexit plan. The plan will go for a vote before Parliament today and is expected to pass fairly easily. EU Commissioner Junker welcomed the proposal, but the Irish PM said the plan does not meet the agreed objectives of the back stop. The composite UK PMI fell to 49.3 from 50.2. Below 50 signifies contraction. The pound rose to the highest level a week on the uplifting Brexit news.

    EUR

    German Central Bank head Weidmann disputed Mario Draghi’s comment that disagreement between ECB officials could undermine monetary policy when he said “intensive discussion” about things like QE is normal and necessary. The euro is slightly higher versus the dollar.

    CAD

    The Toronto housing market had its biggest gain in 21 months in September. The Canadian dollar continued weakening as oil fell below $52 a barrel as measured by WTI.

    ASIA/PACIFIC

    The unrest continues in Hong Kong after a policeman shot a protester who had hit him with a rod. Hong Kong police groups have asked the government to put curfews in place. The CNH strengthened slightly. The yen strengthened below 107 to the dollar.

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/foreign-exchange

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Laurence Hayward
WRITTEN BY
Laurence Hayward

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