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FX Update

The UK pound rallies on Brexit optimism, dollar firms on trade talks

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The UK pound rallied to a five-month high fueled by optimism of a near-term Brexit deal. The US dollar index gained as US-China trade talks resume, Trump demands that Turkey enact a cease-fire, and JP Morgan beats expectations as Q3 earnings season begins.

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
Winston Churchill
  • FX Rates
    October 15, 2019

    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 dollar held steady today, but is 0.25% lower since last Friday. Traders are cautious even as US-China made “substantial progress” and as Trump demands Turkey enact a cease-fire as he slaps sanctions on key Turkish officials and steel imports. The Q3 US earnings season kicked off with JP Morgan’s better-than-expected results.


    The UK pound jumped higher following news that EU chief negotiator Michel Barnier said a Brexit deal is possible this week. The pound is trading over $1.26, its highest level since June, and up 5% from August’s lows near $1.20.


    The euro dropped ahead of today’s closely-watched German ZEW survey of economic sentiment, reflecting institutional investors’ opinions for the next six months. The data, just released, was weaker than expected - another show of concern that Germany has fallen into recession amid trade tensions.

    The USD/CAD currency pair gained slightly over the long weekend, and now trades solidly over 1.32. The weaker Canadian dollar can be attributed to soft oil prices and the generally stronger US dollar in the FX markets. Also, the closely-followed US-Canada 2-year yield spread moved lower to a two-year low of minus 7 basis points (Canada yields less than US).

    The Chinese yuan and the Japanese yen both weakened slightly today from the generally stronger US dollar. China releases its Q3 GDP on Friday.

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Scott Petruska, CFA
Scott Petruska, CFA

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