EUR/USD hits one-month lows following data out of eurozone

EUR/USD hits one-month lows following data out of Eurozone

The US dollar is mostly lower against peers except the euro as the common currency plunges to 4-week low following data out of the region that signaled a recession is imminent. Crude oil prices strengthened offering support to commodity-linked currencies. The Norwegian krone and Canadian dollar are trading higher than the greenback on the pop in oil prices. The prospects of reopening economies and additional fiscal stimulus out of the US vs. the rising coronavirus cases and weak economic data has equities trading mixed.

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FX Rates
April 23, 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.

EUR/USD 1.0788
GBP/USD 1.2338
USD/CAD 1.4092
AUD/USD 0.6373
USD/JPY 107.5400
USD/CNH 7.0890
USD/ILS 3.5371
USD/MXN 24.4542
USD/CHF 0.9742
USD/INR 76.0725
USD
The US dollar remains largely unchanged trading slightly higher than EUR and lower against commodity-linked currencies. Initial Jobless claims were released this morning in-line with expectations of 4.5M.
GBP
The UK released data illustrating that the economy contracted this month at quickest pace in over 20 years. Sterling was largely unchanged given the move lower earlier this week.
EUR
Data released out of the eurozone signaled that the region's economy could be headed towards a recession. IHS Markit’s monthly Purchasing Managers’ Index plummeted to the lowest levels since the series began more than 20 years ago. EUR/USD hit one month lows falling below the 1.08 handle.
CAD
USD/CAD hit a session high of 1.4198 and has since fallen below the 1.41 handle. June WTI future contracts rose $1.70 to $15.45 after news that Kuwait will cut output.
ASIA/PACIFIC
NZD/USD and AUD/USD are both trading higher this morning after falling earlier in the trading session. USD/JPY remains within the 107-108 trading range, trading slightly (0.2%) lower.

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/trends-insights/foreign-exchange-advisory

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