The US dollar hits 7-week lows as EUR advances on vaccine news

The US dollar hits 7-week lows as EUR advances on vaccine news

The USD is broadly lower with the Bloomberg index trading around 0.4% weaker. The EUR broke through the 1.20 level following news that the continent will receive 100 million more doses of the vaccine this year. USD/CAD broke through key level of 1.25 and the markets will focus on the upcoming central bank meeting set for Wednesday.

Economic news

Wednesday: Bank of Canada Rate Decision, UK CPI

Thursday: US Initial Jobless Claims, ECB Refinancing Rate

Friday: EC Markit Eurozone Manufacturing

  • FX Rates
    April 19, 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 fell to a seven-week low as several factors including higher gold, softer Treasury yields and stronger non-dollar havens pushed the greenback lower. The demand for gold followed volatility in Bitcoin as investors fear regulatory impact for the cryptocurrency.

    Sterling is trading stronger as optimism for the UK reopening supports the currency. The next psychological level for GBP/USD is at 1.40 which will be watched closely by traders.

    The common currency hit levels not seen since March 4, strengthening as much as 0.4% against the US dollar. EUR/USD pushed above the 1.20 mark, with a high of 1.2048 following news that Pfizer and BioNTech will supply the EU with an additional 100 million vaccine doses this year.

    USD/CAD broke below 1.2500 on broad USD weakness and ahead of the government’s release of its 2021 budget. The focus will shift to the Bank of Canada’s meeting on Wednesday where the expectation is for an announcement of tapering asset purchases.

    The Japanese yen advanced against the USD hitting strongest levels in four weeks following tension between the US and China. Tensions seem to be growing between the US and China which has given traders an excuse to buy back the JPY – its unclear how these tensions will play out.

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Cate Camerota
Cate Camerota

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