Get started with SVB

Are you an innovation company or investor seeking banking services to help you move bold ideas forward, fast?

Let's get started

Existing SVB clients

Get quick answers from our support page.

For help with commercial cards
1.866.553.3481
cardservices@svb.com

For other questions contact Client Service:

1.800.774.7390
clientservice@svb.com

Find a location

Technical or site issue?

Daily
FX Update

Dollar strong versus haven currencies and the pound ahead of FOMC minutes

 | 

July FOMC minutes due out this afternoon are the driving force in the market. A risk-on appetite has returned as traders square up positions ahead of their release. UK PM Boris Johnson is on his first visit to Berlin this week to kick off another round of Brexit negotiations. Strong data out of Canada drove the loonie higher.

“The two most powerful warriors are patience and time”
Leo Tolstoy
  • FX Rates
    August 21, 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 is steady after the dollar index reached its highest level yesterday since December. The dollar is stronger against haven currencies and the pound. July FOMC minutes will be released later today and traders will read between the lines for signs of FOMC's next moves. ECB minutes are released tomorrow and the Jackson Hole symposium on Friday will be closely watched for signals of future easing. US economic data out today includes July existing home sales.
    GBP

    Boris Johnson is in Germany today on his first official visit as Prime Minister. Johnson and European leaders will kick off a series of meetings in an attempt to negotiate a divorce deal with the October 31 deadline fast approaching.

    EUR
    The euro held up despite news that Italian Prime Minister Giuseppe Conte resigned yesterday after clashing with his interior minister. Germany’s auction of 30-year bonds with a yield of -11 bps was met with meager demand. It showed that further interest rate cuts by the ECB will continue to provide diminishing returns in the attempt to starve off a recession.
    CAD
    The Canadian dollar was pushed higher after crude oil prices rose and Canadian CPI stayed unchanged at 2% vs 1.7% expected. The firmer than expected inflation number gives policy makers less reason for immediate interest rate cuts.  
    ASIA/PACIFIC

    Japanese and American negotiators will meet in Washington DC over the next few days in an attempt to compromise on car and beef exports. JPY trades weaker amid a mild risk-on sentiment ahead of FOMC minutes.  

    The Chinese yuan slipped later in Asia hours after the central bank set the daily reference rate a bit stronger than expected.

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

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Policy. If you have privacy questions, you may contact us at privacy@svb.com. You can withdraw your consent at any time.

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.

Follow Author on LinkedIn

Now Let's Get Started

See how SVB makes next happen now for entrepreneurs like you.

Connect with Us