Daily FX Update: US dollar extends gains

Cate Camerota

September 4, 2020

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.

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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.

EUR/USD 1.1799
GBP/USD 1.3208
USD/CAD 1.3119
AUD/USD 0.7243
USD/JPY 106.45
USD/CNH 6.8453
USD/ILS 3.3706
USD/MXN 21.5709
USD/CHF 0.9143
USD/INR 73.1425
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.

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

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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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