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Daily
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.

    GBP
    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.
    EUR

    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.

    CAD

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

    ASIA/PACIFIC

    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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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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Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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