Sterling extends move lower, weakening for third trading session

The British pound remains weak and trending lower as uncertainty around a final Brexit deal looms. The US dollar remains largely unchanged as investors weigh the lockdown’s impact to the economy versus the optimism of forthcoming vaccinations.


  • FX Rates
    December 8, 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 US dollar is trading mixed against its peers, the Bloomberg Dollar Spot Index (BBDXY) swinging between gains and losses. The US has yet to pass an additional pandemic relief package.
    GBP

    GBP/USD has fallen more than 0.7% this week. Today, the currency pair fell as much as 0.4%, hitting a low of $1.3290. UK Prime Minister Boris Johnson made a statement that the situation is “very tricky” but hopes to reach a deal with the EU shortly.

    EUR

    EUR/USD fell to a session low of $1.2096 early in the European trading session. The currency pair has bounced back towards $1.2125, then has remained largely unchanged. The European Central Bank meets later this week which will be a major focus for traders.

    CAD

    USD/CAD remains largely unchanged hovering around the 1.28 handle. The loonie has remained steady against the greenback ahead of the Bank of Canada’s meeting set for Wednesday.

    ASIA/PACIFIC

    Australia released data showing that business confidence surged in November. Iron ore futures strengthened, also supporting the Australian dollar. USD/JPY remains largely unchanged trading around 104.05.

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Cate Camerota
WRITTEN BY
Cate Camerota

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