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Daily
FX Update

UK PM Boris Johnson will suspend parliament for 5 weeks in the lead up to Oct 31 Brexit deadline

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Pound volatility will rise as driven by news from the UK that parliament will be out. Individual members will take advantage of the lapse to make their own voices heard. The Chinese appear to be trying to dampen the rhetoric on trade tariffs with the US.

"To see things in the seed, that is genius."
Lao Tzu
  • FX Rates
    August 29, 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 continues it’s slow strengthening, helping the Dow yesterday which rose 258 points. There was some optimism on trade talks with China after the Trade Minister said they will not put new tariffs on the US in place immediately. The US yield curve inverted with the 10 year yield falling below the 2 year. Some pundits view this as a pre-cursor to a recession.

    GBP

    Boris Johnson said he will suspend parliament for over 5 weeks before the Brexit deadline. Parliament will be closed between mid-September and mid-October. This will be the longest suspension since 1945. The house speaker John Bercow said it was obvious this would limit parliament’s ability to discuss Brexit. This could lead to a vote of no confidence and a general election. The pound slumped on the news and was trading down this morning.

    EUR

    The euro weakened against the US dollar due to dollar strength. Christine Lagarde said the ECB has not hit its low on interest rates yet.

    CAD

    The Canadian dollar strengthened after direct investment rose to its highest level in 4 years and WTI oil climbed back above $56 a barrel.

    ASIA/PACIFIC

    The Chinese Yuan is trading above 7 as weakness persists following its worst month in history falling about 4%. Other Asian currencies also look very soft due to the trade dispute with China. The aussie is holding in its recent range and the New Zealand dollar is weaker again.

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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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Laurence Hayward
WRITTEN BY
Laurence Hayward

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