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Daily
FX Update

Risk-off tone for markets following President Trump’s threat to increase tariffs

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Haven assets rose after a speech from President Donald Trump. He stated that the US would increase tariffs on China if the first step of a broader agreement isn’t reached causing renewed anxiety around economic growth. Reserve Bank of New Zealand surprised markets by keeping its policy rate at 1%. The NZD rose as much as 1.4%.

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  • FX Rates
    November 13, 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 greenback is largely mixed as the market awaits comments from Fed Reserve Chairman Jerome Powell who will address the Congress’s Joint Economic Committee later today. Traders will be focused on clues about the direction of the economy and risk sentiment.
    GBP

    Sterling has managed to maintain gains and hold a steady trading range. The market is anticipating the outcome of the upcoming election which could dictate future market movements.

    EUR

    EUR/USD remains in a tight 50 pip range over the last three days. Currently trading at the lower end of the range on dollar strength following the release of US CPI.

    CAD

    The loonie is lower this morning following the decline in oil prices and as risk sentiment diminishes after Trump’s speech yesterday. The market will focus on commentary from Powell’s speech later today.

    ASIA/PACIFIC

    JPY strengthens slightly against the USD as market appetite for safe haven currencies increases on uncertainty around the US and China and as protests in Hong Kong escalate.

    NZD/USD climbed as much as 1.4% after the Reserve Bank of New Zealand maintained rates at 1%. The central bank stated that economic developments since the decision to lower rates in August did not warrant further easing.

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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