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FX Update

The euro rallied on departing President Draghi’s comments following his last ECB meeting

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The ECB meeting today left rates unchanged, but markets listened closely to outgoing President Draghi’s comments on the economy and Brexit. The pound and euro popped on the optimistic sentiment regarding Brexit and in turn sent the dollar slightly lower. Traders look ahead to next week’s FOMC meeting.

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  • FX Rates
    October 24, 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

    The dollar was sent slightly lower this morning due to strength in the pound and euro following ECB President Draghi’s comments. Durable goods orders came in at -1.1% versus -0.7% expected. Weekly Initial Jobless claims came in at 212K versus 215K expected. September new home sales are due out at 10AM EST.

    The pound held in a tight range as the U.K. awaits the EU’s decision whether or not to grant another delay to Brexit. The pound popped slightly after ECB’s Draghi commented that he sees less of a chance of a no-deal Brexit. U.K. Labour’s spokesperson Rebecca Long-Bailey offered comments that they will be in favor of a general election once the EU agrees on an extension.

    Today’s ECB meeting left rates unchanged and Mario Draghi offered a gloomy outlook for the Eurozone economy in his last press conference as ECB President. Draghi said there’s a need for a “highly accommodative stance of monetary policy for a prolonged period.” The euro whipsawed erasing early session gains after business surveys pointed to stagnant Eurozone economic momentum, and then popped higher following Draghi’s comments.


    The loonie hit a three month high as gold and oil gained. The Bank of Canada will announce another rate decision next week.


    The Japanese yen gained as a haven after ECB president remarked that economic risk remains on the downside and that accommodation will be needed to meet inflation targets.

    The offshore yuan (CNH) strengthened 25 pips verses the US dollar.

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About the Author

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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