US dollar climbs higher for a third day

The greenback strengthens for a third day as the EUR heads for largest three-day decline since June and sterling weakens on renewed Brexit uncertainty. The US Centers for Disease Control and Prevention stated that a coronavirus vaccine could be ready for distribution as early as November 1 – days before the US Presidential election. The coronavirus case count has exceeded 26 million globally while deaths surpass 863,000.

“We risk missing out on joy when we get too busy chasing down the extraordinary.”
Brene Brown
  • FX Rates
    September 3, 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.


  • USD
    The US dollar reversed trend from earlier this week and is on-track for a third day of gains. The Federal Reserve’s Evans is due to discuss the economy and monetary policy later today.
    GBP
    Sterling slipped as much as 0.6% falling to a low of 1.3244. The drop in GBP/USD is largely attributable to the weaker EUR resulting from ECB policy maker commentary that a stronger currency could dampen exports.
    EUR

    Data releases out of the eurozone including final PMI for Germany showed that the area beat flash readings supporting the common currency. EUR/USD rebounded from its trading session low of 1.1789 and is back around the 1.1850 level. The EUR is still trading lower overall.

    CAD

    USD/CAD broke through the 1.31 level as the loonie weakened on broad USD strength. The Canadian dollar fell the most in almost a month as oil extended losses.

    ASIA/PACIFIC

    USD/JPY is supported above the 106 level as the USD remains strong against its G10 peers.

    AUD/USD is down 0.5% as data released from the country showed a revised trade surplus of 4.6bn AUD vs. original 8.1bn AUD. Australian exports to China have dropped 17.3% month over month.

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Cate Camerota
WRITTEN BY
Cate Camerota

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