EUR snaps winning streak as the greenback gains against peers

EUR snaps winning streak as the greenback gains against peers

The Bloomberg Dollar Spot Index gained as both EUR and GBP reversed winning streaks. Optimism ahead of US data release supported the greenback along with real money funds looking to re-balance positions. News out of Australia signaled that the country is entering its first recession in nearly 30 years. The Australian dollar is one of the G10's worst performers alongside of the EUR.

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  • FX Rates
    September 2, 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 greenback rebounded reversing recent trends ahead of US data releases and as real money funds re-balance positions. Several Fed Presidents are due to speak later today with the Fed’s Mester to discuss US Outlook and Monetary Policy.
    Sterling reversed its three-day winning streak in reaction to broad USD strength. GBP/USD fell as much as 0.4% currently trading around 1.3350. Later today, Bank of England Governor Andrew Baily and other policy makers are due to address Parliament. Commentary against the idea of negative rates would be supportive of the British pound.

    The EUR has surged 12% over the last 5 months and hit a two-year high yesterday. Today the common currency has retreated from the 1.20 level hovering around the 1.1850 range as real money funds re-balance positions.

    The loonie remains largely unchanged continuing to trade within the 1.30 handle. CAD is the second best performing currency within the G10 next to the US dollar.

    The Australian dollar leads losses alongside the EUR after reports showed that the economy has fallen into its first recession in almost three decades. USD/JPY hit a high of 106.29, gaining for a third day.

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Cate Camerota
Cate Camerota

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