Risk-off trading continues, USD supported

Risk-off trading continues, USD supported

Investors remained concerned over the uncertainty of the delta variant and how it could impact the global economic recovery. The British pound has remained weak amidst concerns of the virus’s impact domestically and potential political tension. The European Central Bank begins its two day meeting today.

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  • FX Rates
    July 21, 2021

    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 US dollar traded higher, approaching year to date highs earlier in the session. Concern regarding the delta variant and a rebound for the global economy has continued to support risk-off trading including the US dollar.

    GBP
    Sterling weakens for a fifth session on concerns surrounding the delta variant, domestic concerns about the virus and potential political tension between the UK and the EU. GBP/USD was down as much as 0.3% hitting a low of 1.3591.
    EUR

    EUR/USD remains largely unchanged sticking to a tight range of 1.1752-1.1783. The European Central Bank begins its two-day meeting today which could dictate direction.

    CAD

    The Canadian dollar rebounded against the US as oil prices gained reclaiming the $68/bbl handle. USD/CAD dropped back towards 1.2660 after hitting a high of 1.2730.

    ASIA/PACIFIC
    The Australian dollar drops for a 5th day on track for its longest streak of losses since September as the nation tightens virus restrictions.
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Cate Camerota
WRITTEN BY
Cate Camerota

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