US dollar extends gains following US employment data release

Data showed that the US unemployment rate fell more than expected for the month of August supporting the greenback. Most G-10 currencies weakened on the back of broad USD strength except for the CAD that benefited from Canada's release of better than expected employment data.

“As we celebrate Labor Day, we honor the men and women who fought tirelessly for workers’ rights, which are so critical to our strong and successful labor force.”
Elizabeth Esty
  • FX Rates
    September 4, 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 greenback was trading largely mixed ahead of US jobs data. The report showed that the unemployment rate fell more than expected supporting the currency.
    GBP
    Earlier in the trading session, GBP snapped a two-day decline and reversed losses trading above the 1.33 level. Sterling has since traded lower hovering around the 1.32 level.
    EUR
    EUR/USD remained largely unchanged holding above key technical level of 1.1780. Following data release out of the US, the common currency failed to hold its ground and dipped to a low of 1.1802.
    CAD
    The loonie continues to outperform its peers following reports showing a sharp rise in full-time employment and wage gains. USD/CAD fell as much as 0.4% on the report and is hovering around the 1.31 level.
    ASIA/PACIFIC

    USD/JPY hit but failed to break through the 55-DMA of 106.48 following the US jobs report. The Australian dollar continues to drop, weakening 1.3% so far this week.

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/trends-insights/foreign-exchange-advisory

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at privacy@svb.com. You can withdraw your consent at any time.

Cate Camerota
WRITTEN BY
Cate Camerota

Insights from SVB Industry Experts

 
SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Daily FX Update: Dollar mixed in quiet markets ahead of the weekend

 

Daily FX Update: Dovish Fed comments support dollar, equities trade lower

 

Daily FX Update: Dollar lower on expectations of dovish Fed today

 

FX Daily Update: Dollar lower and markets risk-on as Empire manufacturing beats expectations

 

FX Daily Update: Dollar weaker amid risk-on trading

 

FX Daily Update: Dollar weaker as equities rebound