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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.


    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.


    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.


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


    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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About the Author

Laurence Hayward is the Senior Advisor for International Markets and Risk for Silicon Valley Bank in its Central Region. He is responsible for helping clients mitigate foreign exchange risk, including trade finance and international cash management.

Hayward has over 40 years in the foreign exchange and interest rate markets, with experience as a banker, broker, trader and marketer / advisor. He has worked in London, Abu Dhabi, Dubai, Singapore, Hong Kong, New York, Houston, Dallas, Santa Clara and Denver for Barclays International, First National Bank of Boston, Tullett and Tokyo Forex International, Gulf International Bank, NationsBank, Bank One, Cambridge Mercantile Corp. and Silicon Valley Bank. He has made presentations to the national AFP, the New Orleans AFP, the Houston TMA. Fort Worth Chamber of Commerce, the University of Colorado at Boulder, the KPMG Global Enterprise Institute in Denver, and many bank presentations on the subjects of foreign exchange, international risk, FASB accounting rules and quant analysis. He has also been published in the Wall Street Journal, the New York Times, and many periodicals.
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