FX Update

September Nonfarm Payrolls missed the forecast and was lower than August

The September Non-farm payrolls came in low at 136K vs. 145k estimated. ADP employment change fell to 136k from a revised 168k in August. The dollar is weakening.

"Find a group of people who challenge and inspire you, spend a lot of time with them, and it will change your life." 
Amy Poehler
  • FX Rates
    October 4, 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

    US non-farm payrolls increased 136k vs. expectations of a rise of 145k for  September. August non-farm payrolls were revised up to 168k vs. previously released at 130k. The dollar fell on initial reaction to the release and has since erased losses.


    Sterling is trading below the 1.23 handle despite news that Brexit could be further delayed if a deal isn’t agreed upon by Oct 19. This is not supporting the pound as it is seen as kicking the can down the road vs. actually solving the issue.


    EUR/USD remains largely unchanged after initial reaction to US jobs data. The currency pair continues to trade below the 1.10 handle. Fed Chairman Jerome Powell’s speech later today could dictate further direction for EUR/USD.  


    Loonie trades steady near a one-month low as oil remains under pressure. WTI crude is trading ~$52/bbl, its lowest level in almost two months. The slide in oil prices is partially attributable to growth in US crude inventories.


    The Indian rupee was flat after the Reserve Bank of India cut its benchmark interest rate by 0.25% to 5.15% - the rate cut was expected. The central bank also cut its GDP estimates for 2020 to 6.1%. The economy in India has been slowing this year as Prime Minister Modi attempts various reforms/modernizations. 

    China’s renminbi strengthened on market speculation the US will cut rates faster than China. 

    The Japanese yen is weaker vs. the dollar in volatile trading with traders reluctant to sell safe-haven assets before the weekend.

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.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at privacy@svb.com. You can withdraw your consent at any time.

Insights from SVB Industry Experts

SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Daily FX Update: Quarter-end flows support the greenback


FX Daily Update: US dollar steady amid quarter-end flows


Daily FX Update: GBP outperforms peers ahead of Brexit negotiations


Daily FX Update: Dollar higher, equities lower to end another risk-off week


Daily FX Update: Dollar firm, equities lower in risk-off mood


Daily FX Update: Fourth consecutive day for dollar rally