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Risk sentiment shifts on news confirming additional coronavirus cases

News from China reported that a revised methodology to diagnose the coronavirus has caused the number of confirmed cases to soar. The market reacted to this news by shifting towards risk-off. Currency moves of note include the Canadian dollar (lower) and the Japanese yen (stronger). UK Chancellor of the Exchequer resigned causing the British pound to trade higher.

"Courage starts with showing up and letting ourselves be seen."

-Brené Brown, Daring Greatly
  • FX Rates
    February 13, 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

    Data out of the US showed that continuing jobless claims fell more-than-expected and US consumer prices hit 2.5% vs. the expectation of 2.4%. The US dollar initially fell ahead of the news and has since pared losses.

    GBP

    Sterling rallied following the resignation of Chancellor of the Exchequer Sajid Javid. Rishi Sunak will replace Javid which led to talk of increased government spending. Markets are speculating that the UK could move towards more fiscal stimulus.

    EUR

    EUR sank to its lowest level since 2017, falling below the 1.09 handle. The combination of concern regarding the succession plan of German Chancellor Angela Merkel and a dovish European Central Bank has caused the common currency to weaken.

    CAD
    The Canadian dollar weakened on news of coronavirus cases significantly increasing. China stated that revised methodology to diagnose the virus has resulted in the number of confirmed cases rising.
    ASIA/PACIFIC

    The Japanese yen hit highest levels since January 21 following news of increased cases of the coronavirus. USD/JPY stalled around 109.80 as investors await more details.

     

     

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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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About the Author

Cate Camerota is currently an FX Advisor at Silicon Valley Bank focusing on early stage and growth Technology names in New England and Eastern Canada. Prior to SVB, Cate worked in FX Sales/Trading at Wells Fargo and Citizens Bank where she supported a portfolio of Middle Market and Mid-Corp clients throughout the Northeast. Cate helped clients identify FX risk and implement strategic hedging programs.

Outside of work, Cate is involved with the Boys & Girls Club of Boston Friends Council, Ladies FORE Finance (women's golf league) and My Life My Choice.

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