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FX Update

No rate cut by Bank of England, but dovish takeaway

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The Bank of England kept rates unchanged, but two members of their Monetary Policy Committee unexpectedly voted for a rate cut. The UK pound quickly dropped, and now approaches $1.28. The dollar index held steady. A general risk-on mood pushed global equities and bond yields higher after China and the U.S. agreed to roll back tariffs on each other’s imports.

“Be less curious about people and more curious about ideas.”
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  • FX Rates
    November 7, 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 changed little overnight but had mixed performances against its peers. It gained against the GBP, but weakening against most other currencies, fueled by the risk-on mood.


    The Bank of England kept its benchmark interest rate unchanged at its Monetary Policy Committee meeting, but the pound sold off after two MPC members unexpectedly voted for a rate cut amid Brexit uncertainty and slowing global growth. The pound is near $1.28, well below highs seen near $1.2975 last week.


    The euro is up on the day as risk appetite improves on positive US-China trade news. Aggressive selling of the UK pound / euro cross helped fuel euro gains.


    The Canadian dollar edged higher following the good trade news. Traders look forward to Canada’s monthly jobs report due Friday to estimate the outlook for Canada’s central bank policy.


    The Chinese yuan rallied for the eighth straight day, and now trades below the key 7 yuan per dollar for the third day.  Strength in the yuan is an important sign of optimism with the US-China trade war. China’s Ministry of Commerce said an agreement was reached with the U.S. to a phased rollback of tariffs on each other’s imports.
    The USD/JPY currency pair moved above 109, as the risk-on mood reduces demand for the safe-haven yen.

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About the Author

Scott Petruska is Chief Currency Strategist and senior advisor for Silicon Valley Bank’s global financial services group, and is based in Boston, MA. He advises clients on currency and interest rate hedging strategies, and helps them with other aspects of global banking. He regularly writes blogs on topics covering the global financial markets, conducts client seminars and webinars, and speaks at regional financial conferences.

Petruska has more than 30 years experience in the currency and interest rate markets, and has lived and worked in Boston, Chicago, New York City, Singapore and Tokyo. Prior to joining SVB in 2009, he worked at several large international financial institutions, including National Westminster Bank, Irving Trust, Bank of New York, State Street Bank and Commerce Bank. He has been an institutional trader, product developer, analyst, salesperson and advisor.

Petruska has been awarded several professional designations, including the CFA (Chartered Financial Analyst), FRM (Financial Risk Manager) and CMT (Certified Market Technician). He earned his undergraduate degree in Finance & Banking from the University of Wisconsin.

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