FX Update

Sterling rises on Brexit optimism, U.S. dollar gains

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The dollar is higher versus all G-10 peers except for the UK pound. U.S.-China trade headlines lead dollar optimism after Beijing agreed to increase penalties for IP violations. A Conservative party manifesto published in the U.K. outlines key policies ahead of the December 12th general election. Pro-democracy candidates won big in Hong Kong local elections.


Monday: Oct. Chicago Fed National Activity Index, Nov. Dallas Fed manufacturing Activity, Germany’s IFO Business Climate

Tuesday: U.S. New Homes Sales

Wednesday: U.S. Jobless Claims, U.S. Durable Goods Orders

Thursday: Japanese Industrial Production

Friday: GE Unemployment

  • FX Rates
    November 25, 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 is slightly higher versus most G-10 currencies on positive U.S.-China trade news. China’s agreement to increase IP infringement penalties is seen as a breakthrough in the trade talks. Fed Chairman Powell is due to speak later today.
    The pound rose higher for the first time in five sessions after PM Johnson presented a Conservative Party manifesto. The manifesto outlined key policies including delivering Brexit before the January 31st deadline, establishing free trade with the EU and looser fiscal rules. Opinion polls showed the Conservative Party leading ahead of December 12th elections.
    The euro slid slightly as investors remain cautious about the outlook of the near-term Eurozone economy. As expected, German business expectations improved slightly in November.
    The loonie gave back some early gains on dollar strength. Wholesale Sales rose 1% versus no change expected following last month’s 1.2% decrease.

    The Japanese yen slid to one week lows versus the dollar after trade optimism boosted the U.S. currency.

    In Hong Kong, pro-democracy candidates won 86% of the seats in local elections. Pro-government seats only won 12% versus 65% four years ago.

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Kathryn Garvey
Kathryn Garvey

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