Daily FX Update: US dollar advances for first time this week

Cate Camerota

May 21, 2020

US dollar advances for first time this week

Market demand shifted toward safe haven assets supporting the US dollar after US-China tensions became a focus . President Donald Trump criticized China’s leadership on twitter and the US Senate passed legislation which could bar Chinese companies from being listed on US exchanges. China’s National People’s Congress started on Friday.

“When it rains, it pours? but soon, the sun shines again. Stay positive. Better days are on their way.”

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FX Rates
May 21, 2020

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.

EUR/USD 1.0985
GBP/USD 1.2235
USD/CAD 1.3909
AUD/USD 0.6593
USD/JPY 107.7500
USD/CNH 7.1200
USD/ILS 3.5134
USD/MXN 22.8595
USD/CHF 0.9678
USD/INR 75.6175
USD
The greenback strengthened against its peers as markets moved towards risk-off trading. Concerns regarding tension between the US and China heightened after the US Senate passed legislation which could ban Chinese companies from listing on US exchanges and after a tweet from President Trump.
GBP
Sterling fell as much as 0.5%, falling below the 1.22 handle. In addition to USD strength, the British pound was pushed lower by news from the EU's Michel Barnier stating that Brexit talks have taken a turn for the worse.
EUR
EUR/USD reversed its rally for the first time in 3 days hitting a low of 1.0952. The currency pair remains in a tight trading range as data released from the region shows early signs of the economy coming back from its lowest lows.
CAD
USD/CAD is slightly higher as the US dollar strengthened across the board. WTI crude rose almost 3% trading at its highest level since April 9.
ASIA/PACIFIC
USD/JPY moved higher as demand for safe haven assets increased. The currency pair traded up to 107.85.

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Source: Bloomberg

This article is intended for U.S. audiences only.

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WRITTEN BY

Cate Camerota

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