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Daily
FX Update

US-China trade optimism holds, causing haven currencies to fall

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Dollar weakens along with other haven currencies as optimism holds for US-China trade talks. Commodity currencies were supported by the rise in crude oil which is almost 1% higher. Today at 2pm EST, the FOMC will release minutes from its last policy meeting.  

“You can’t build a reputation on what you are going to do”
Henry Ford
  • FX Rates
    October 9, 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 greenback is lower today as markets maintain risk-on sentiment following optimism that talks between the US and China could result in agreement to a  partial trade deal. Fed Chairman Jerome Powell spoke yesterday and stated that although the Fed will not resume quantitative easing, they will resume Treasury purchases. The US dollar index is down slightly -0.1%.

    GBP

    Sterling rose higher following a Times article stating that the EU could make a major concession over the Irish backstop - one of the largest obstacles to a Brexit deal. GBP/USD is up 0.3%.

    EUR

    European Central Bank Vice President Luis de Guindos made a statement that September’s easing package would be unmodified for some time. EUR/USD remains largely range bound and unchanged staying beneath the 1.10 level.

    CAD

    The Canadian dollar advanced against the US dollar this morning as oil strengthened and US-China trade optimism attributed to a boost in market risk appetite. WTI crude higher by almost 1%.

    ASIA/PACIFIC

    The Japanese yen extends losses after a report that China is still open to a partial trade agreement with the US. An official with direct knowledge stated that China would accept the deal if there are no more tariffs imposed by President Donald Trump.

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 fxadvisors@svb.com.
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange

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Cate Camerota
WRITTEN BY
Cate Camerota

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