Markets quiet with focus on vaccine news

Markets quiet with focus on vaccine news

The US dollar is largely unchanged overnight as global bond yields edged lower and global equities moved slightly higher. Investors continue to focus on recent upbeat vaccine news. Pfizer’s claims that their vaccine is 95% effective with no big safety issues may position it well for US regulatory approval before long. The UK pound is higher for the fourth straight day on hopes of a Brexit deal shortly. This morning’s release of US Housing Starts for October exceeded expectations and reached its highest level since February.

“Success is not final; failure is not fatal: it is the courage to continue that counts.”
Winston S. Churchill
  • FX Rates
    November 18, 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.

  • USD

    The dollar moved in a narrow range overnight. The dollar index sits fairly close to yesterday’s NY close, and remains near two-year lows. The New Zealand dollar showed the biggest move vs. the USD, strengthening by only 0.33%. The dollar did move off earlier lows following upbeat US Housing Starts.  


    The UK pound rallied for the fourth day, as hopes grow of a Brexit deal as early as next week. Inflation came in higher than expected: October CPI rose 0.7% YoY vs. expectations of 0.5%, and the Retail Price Index rose 1.3% vs. 1.2% YoY.


    The euro changed little overnight, but remains within striking distance of key $1.19 resistance. There are no expected events in Europe this week that would trigger a move above that level. Eurozone CPI for October came in exactly as expected, +0.2% MoM and -0.3% YoY.


    The Canadian dollar changed little overnight, despite higher inflation data: October CPI was 0.7% vs. expectations of 0.4%. Bank of Canada’s Senior Deputy Governor Carolyn Wilkins speaks today.


    Japan’s Nikkei 225 stock market index fell by over 1% following reports of a record number of new Covid-19 cases in Japan.

    After early strength, the Chinese yuan sold off as traders began to focus on technical signals that the rally in the CNY was overdone. China’s currency has gained 8.5% over the past six months, the most in Asia after the South Korean won.

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Scott Petruska
Scott Petruska

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