US dollar falls the most in one day since 2016 following Fed stimulus
March 24, 2020
EUR/USD 1.0813 GBP/USD 1.1745 USD/CAD 1.4471 AUD/USD 0.5912 USD/JPY 111.00 USD/CNH 7.0738 USD/ILS 3.6400 USD/MXN 24.7984 USD/CHF 0.9785 USD/INR 76.1025
USDThe US dollar reversed direction and headed lower following the release of the Fed’s stimulus plan. The dollar had it’s worst day in four years as investors moved towards more risk-on assets.GBPSterling rose as much as 2.2%, even after the UK began a full lockdown to contain the coronavirus. This move in the pound was partially in reaction to the broad US dollar weakness across the board.EUREUR/USD has traded fairly mixed as traders largely overlook data out of the EU and focus on the stimulus package from the Fed. Despite weak Eurozone PMI numbers (31.4 vs. 51.6 expectation) released today, the EUR continues to trade higher than the US dollar.CADDespite broad US dollar weakness, the Canadian dollar underperforms all peers continuing to trade around the 1.45 handle. The Fed’s stimulus plan shifted market sentiment toward less risk-off and sent the US dollar lower.ASIA/PACIFICThe Australian dollar rallied from multi-year lows following the move lower for the US dollar.
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