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Daily
FX Update

EUR trades above $1.10 while risk-on sentiment continues to drag on USD

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Optimism continues for a partial trade deal from US-China trade talks. USD and other haven currencies continue to be weighed-down by this sentiment while EUR and GBP are higher this morning. EUR/USD trades at best levels in two weeks, above the 1.10 handle.

“Life starts all over again when it gets crisp in the fall.”
F. Scott Fitzgerald
  • FX Rates
    October 10, 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 dollar continues its decline as trade talks between the US and China advance. The market is optimistic that these conversations will result in a partial trade deal including the US potentially rolling out a previously agreed-on currency pact with China.  

    GBP

    Sterling started slightly higher in today’s trading session, staying above the $1.22 level. The market is modestly optimistic about a meeting today between UK Prime Minster Boris Johnson and Irish counterpart Leo Varadkar that could shape the future Brexit deal.

    EUR

    EUR rallies for a second day gaining as much as 0.5%, trading to the $1.1020 level. Later today, the ECB will publish its September meeting minutes. A report from the Financial Times states that Mario Draghi ignored internal advice to restart quantitative easing.

    CAD

    The Canadian dollar strengthened as the market focuses on trade negotiations between the US and China. Higher WTI crude oil (up 0.7% at $52.95/bbl) also supports the loonie.

    ASIA/PACIFIC

    The Japanese yen gained earlier in the session. The currency relinquished some of these gains after a report stating that trade talks between the US and China were cut short, was denied. The Chinese official, Liu He, who is leading the high-level trade talks is expected to stay in Washington through Friday.

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/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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