US dollar on track for worst week since 2009

After gaining almost 8% over the last two weeks, the US dollar pared gains by falling 3.5% this week. In the past 5 days, the US currency has fallen 5% against the British pound, Australian dollar and Mexican peso.

“Just a friendly reminder – there is no right way to feel right now.” 

Cleo Wade, American artist, poet, author
  • FX Rates
    March 27, 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

    In addition to a reverse in market sentiment, the US dollar has weakened on the continued spread of the virus domestically along with poor economic data. The number of cases in New York caused the US to surpass China in terms of the number of infections. The jobless claims data added to the dark view of the US economy.

    GBP
    Sterling rallied the most in one week in more than a decade. The UK is set to face the worse of the coronavirus spread over the next month. Investors look to take advantage of short-term gains.
    EUR
    EUR/USD fell below 1.10 after trading to a high of 1.1032. The EUR slipped to session lows as Spain announced their most deadly day yet with the virus, with 769 deaths.
    CAD
    The loonie fell with oil prices trading above 1.41 after previously falling to a low of 1.3990. WTI oil is trading around $21/bbl after Saudi announced that there would be no discussion with Russia about joint output cuts.
    ASIA/PACIFIC

    The Japanese yen soared as much as 1.2% in overnight trading ahead of Japan’s end to the fiscal year on March 31.
    AUD/USD rose around 0.4% as exporter demand increased.

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/trends-insights/foreign-exchange-advisory

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 Notice. If you have privacy questions, you may contact us at privacy@svb.com. You can withdraw your consent at any time.

Cate Camerota
WRITTEN BY
Cate Camerota

Insights from SVB Industry Experts

 
SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Better risk appetite leads to lower dollar, higher stocks and bond yields

 

Dollar higher on Trump's executive orders for Covid-19 relief

 

US dollar swings between gains and losses after jobs data released better than expected

 

FX Daily Update: US dollar holds at two-year lows

 

FX Daily Update: US dollar down against peers as debate on US fiscal stimulus continues

 

Commodity-linked currencies decline as USD gains