Stocks gain in risk-on mood, dollar higher on upbeat US economic data

Stocks gain in risk-on mood, dollar higher on upbeat US economic data

Global stocks were generally up overnight and US markets opened higher following slightly better-than-expected US inflation and Personal Spending data. Trading in the financial markets is light today amid month-end position adjusting and ahead of the long holiday weekend in the US. On Monday the stock and bond markets will be closed for Memorial Day. SVB’s FX Desk is closed on Monday.

“How important it is for us to recognize and celebrate our heroes and she-roes.” 

Maya Angelou
  • FX Rates
    May 28, 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

    US Core PCE, the Fed’s preferred measure of inflation, rose 3.1% YoY and 0.7% MoM in April, slightly higher than expected. Personal Spending contracted by 13.1%, better than -14.2% expected, and less than March’s +21.2%. The dollar is broadly higher, its best performances against the two antipodes – AUD and NZD.


    The UK pound is lower following news that the UK’s plan to end pandemic restrictions on June 21 is in doubt. The Bank of England’s Gertjan Vlieghe commented that the BOE could raise interest rates early next year fueled by strong economic recovery, lower unemployment and low wage pressures.


    The euro is lower, but in line with the broadly higher USD. European stocks are headed for a strong end to the week. Consumer/Economic/Industrial confidence data for the Eurozone in May exceeded expectations. Traders look forward to next week’s EZ labor and inflation data.


    The loonie is weaker against the US dollar. There were no economic data releases for Canada today. Next week there will be a full docket, including GDP and employment data. FX speculators continue holding large long CAD positions.


    The USDCNY continues to trade under 6.40, reaching a low of 6.3611 overnight. The PBOC set the daily USDCNY fixing slightly higher than expected, a subtle signal that it wishes to slow, but not necessarily reverse, the yuan’s recent appreciation.

Contact Us

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
See all of SVB's latest FX information and commentary at

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at You can withdraw your consent at any time.

Scott Petruska
Scott Petruska

Insights from SVB Industry Experts

SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Daily FX Update: Dollar gains on “triple-witching”


Dollar takes back yesterday’s losses


Daily FX Update: Safe-haven yen and Swissie gain as dollar loses


Daily FX Update: Dollar sinks on weak inflation


Daily FX Update: Dollar gains ahead of tomorrow’s CPI data


Daily FX Update: Dollar slides to end week, equities stronger