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Daily
FX Update

UK pound seesaws on Brexit news

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The UK pound initially rallied following news that PM Boris Johnson secured a Brexit deal with the EU, but gains were cut back after an Irish political party pulled its support for the deal. The dollar weakened across the board as the potential deal triggered a risk-on mood in the markets.

“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
John F. Kennedy
  • FX Rates
    October 17, 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 is lower across the board as the positive Brexit news triggered a risk-on mood in the markets. Risky emerging market currencies rallied, but pared gains after Northern Ireland’s Democratic Unionist Party (DUP) said they don’t support the deal. Yesterday, US retail sales in September fell for the first time in seven months, an important barometer of the mood of the US consumer.

    GBP

    The UK pound seesawed as a spike to five-month highs in the currency followed news of a UK-EU Brexit agreement, but the rally reversed and fell quickly after news that the DUP was not fully on-board. Boris Johnson’s Conservative Party is short of a majority in Parliament, so it needs the DUP’s support. The next step - it’s up to Parliament to approve the deal.

    EUR

    The euro jumped higher on the positive Brexit news. There are no eurozone data releases today to impact markets.

    CAD

    The general upbeat mood in the markets led to a modest rally in the Canadian dollar. The loonie rose to its best level in a month, but underperformed relative to its G-10 peers.

    ASIA/PACIFIC

    Asian emerging market currencies rallied following the positive Brexit news. According to Bloomberg, eighteen of 24 EM currencies tracked by Bloomberg made advances today.
    Tonight, China releases its 3Q GDP numbers. Traders will be watching closely to see if it falls below the psychological key 6% level.
    The Australian dollar was the top performing currency overnight, gaining 1% on the upbeat Brexit news and the drop in Australia’s unemployment rate for September.

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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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Scott Petruska, CFA
WRITTEN BY
Scott Petruska, CFA

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