Renewed concern on virus; USD set for weekly gain

The US dollar fell lower early in the trading session but is still on track to end the week with a gain. The greenback remains supported by investors seeking safe haven assets as focus remains on potential second wave of the coronavirus. G10 currencies remain within a tight trading range.

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  • FX Rates
    June 19, 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
    The dollar index fell lower after China reported that the country plans to accelerate purchases of farm goods from America to comply with the phase one trade deal. The Bloomberg Dollar Spot Index is on track to end the week with a gain of 0.3% to add to last week’s gain of 0.4%.
    GBP/USD fell to 1.2361 weakening as much as 0.5% as demand for sterling options increase ahead of a Brexit deadline. For the first time since 1963, the UK debt level reached 100% of GDP. The currency pair has since rebounded trading back above 1.2400.
    A statement from German Chancellor Merkel and ECB President Lagarde said that EU negotiators need to deliver on stimulus. EUR/USD popped higher this morning trading up to 1.1254.
    The Canadian dollar strengthened as commodity prices traded higher and risk sentiment improved. USD/CAD fell below 1.3550 and is currently hovering around that level.
    The Japanese yen was little changed but advanced slightly against peers as hospitalizations in Beijing and a few US states increase as the corona virus continues to spread.
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Cate Camerota
Cate Camerota

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