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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.


    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.


    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.


    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.


    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.

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About the Author

Laurence Hayward is the Senior Advisor for International Markets and Risk for Silicon Valley Bank in its Central Region. He is responsible for helping clients mitigate foreign exchange risk, including trade finance and international cash management.

Hayward has over 40 years in the foreign exchange and interest rate markets, with experience as a banker, broker, trader and marketer / advisor. He has worked in London, Abu Dhabi, Dubai, Singapore, Hong Kong, New York, Houston, Dallas, Santa Clara and Denver for Barclays International, First National Bank of Boston, Tullett and Tokyo Forex International, Gulf International Bank, NationsBank, Bank One, Cambridge Mercantile Corp. and Silicon Valley Bank. He has made presentations to the national AFP, the New Orleans AFP, the Houston TMA. Fort Worth Chamber of Commerce, the University of Colorado at Boulder, the KPMG Global Enterprise Institute in Denver, and many bank presentations on the subjects of foreign exchange, international risk, FASB accounting rules and quant analysis. He has also been published in the Wall Street Journal, the New York Times, and many periodicals.
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