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ECB keeps rates on hold; appetite for safe haven assets continues

European Central Bank rates go unchanged which was expected by the markets. The Canadian dollar remains weak following a statement from Governor Stephen Poloz yesterday which alluded to potential rate cuts. China attempts to contain a deadly respiratory virus - the threat of spreading has supported safe haven assets including the Japanese yen.

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  • FX Rates
    January 23, 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 dollar is trading higher versus most peers. Jobless claims data showed that the number of Americans applying for unemployment benefits rose less than expected. This supports the view from the Federal Reserve that the US jobs market remains tight.
    GBP
    Sterling remains largely unchanged trading within the 1.3100 handle. The market will remain focused on PMI data due to be released on Friday which could signal potential interest rate cuts.
    EUR
    European Central Bank released decision that rates will remain unchanged. The currency pair remains largely unchanged trading within a range of 1.1079 – 1.1109.
    CAD
    Bank of Canada Governor Stephen Poloz stated yesterday that the central bank may look to ease policy in order to counter a slowing economy. The Canadian dollar has weakened for the third day with USD/CAD trading at a high of 1.3172.
    ASIA/PACIFIC
    The Japanese yen strengthens on fears of the respiratory virus in China spreading. China is trying to lock down the city of 11 million people in order to contain the virus that has already killed 17 people.
    Data out of Australia showed that unemployment declined unexpectedly. The currency pair is up 0.5% after the data. The report showed that unemployment declined to 5.1% vs. the expectation of remaining steady at 5.2%. The market is now pricing in just a 25% chance of a rate cut at the Reserve Bank of Australia’s meeting next month.
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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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About the Author

Cate Camerota is currently an FX Advisor at Silicon Valley Bank focusing on early stage and growth Technology names in New England and Eastern Canada. Prior to SVB, Cate worked in FX Sales/Trading at Wells Fargo and Citizens Bank where she supported a portfolio of Middle Market and Mid-Corp clients throughout the Northeast. Cate helped clients identify FX risk and implement strategic hedging programs.

Outside of work, Cate is involved with the Boys & Girls Club of Boston Friends Council, Ladies FORE Finance (women's golf league) and My Life My Choice.

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