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EUR falls to lowest level in almost three years

The euro pushed lower, hitting levels not seen in almost three years. EUR/USD fell as low as 1.0827. Investors' concern with the economic growth of the region caused speculation that the European Central Bank might ease monetary policy. News that the spread of the coronavirus is slowing caused a shift in risk sentiment. The market will remain vulnerable to headlines regarding the coronavirus.

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  • FX Rates
    February 14, 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

    US retail sales data were released lower than expectations at 0.0% vs. the forecast of 0.5%. The USD weakened after the release.

    Sterling remains steady above the 1.30 handle. GBP/USD popped ~ 0.7% yesterday after the UK Finance Minister resigned and markets speculated that the nation could move towards additional fiscal stimulus.
    Euro hit lowest levels in almost three years, trading down to 1.0827. Concern regarding the region’s economic growth resulted in speculation that the European Central Bank could ease monetary policy.
    Crude oil rebounded 1.3%, pulling the Canadian dollar with it. CAD is set to reverse a five-week decline after the pop in oil and revised data from China regarding the spread of the coronavirus.
    USD/JPY remains largely range-bound, sticking around the 109.80 level as investors await additional details regarding the coronavirus. Any headlines around the virus will continue to drive market risk sentiment.
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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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