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Markets quiet in holiday-thinned trading

The dollar is mostly unchanged and equity markets edged higher in holiday-thinned trading. Many major overseas markets were closed today. Released at 8:30am EST this morning, Filings for US Jobless Claims for the week ending December 21 fell to a three-week low. Bond yields are slightly higher, oil prices climbed over $61 a barrel and gold moved back above $1,500 an ounce. The first of The 7 Principles of Kwanzaa, a week-long celebration which begins today for African-Americans to reconnect with their African roots and heritage. 

“To strive for and maintain unity in the family, community, nation and race.”

- Dr. Maulana Karenga, activist, author and professor of Africana studies
  • FX Rates
    December 26, 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 index was largely unchanged overnight. In a continuation of a risk-on mood in the markets, the dollar did weaken against the Japanese yen. Filings for US unemployment benefits fell to a three-week low, showing a strong job market.

    GBP

    The UK pound moved higher and is set for a third day of strength. Volatility in the GBPUSD has been relatively high due to low liquidity in  the holiday-thinned market, and remains trading under $1.30. Pound traders remain nervous following the UK election and subsequent comments by PM Boris Johnson.

    EUR

    The euro edged higher and is trading near $1.11. Volatility is low, and analysts expect nothing significant until the new year.

    CAD

    The Canadian dollar made slight gains on the back of higher oil prices and amid optimism over an OPEC output reduction deal set to take effect on January 1st.

    ASIA/PACIFIC

    The CNY trades quietly around 7.00 per dollar. The Japanese yen was the weakest G10 currency, the risk-on mood reducing demand for the yen as a safe-haven currency.

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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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Scott Petruska, CFA
WRITTEN BY
Scott Petruska, CFA

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