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FX Update

The dollar rose to its best level in a month, ECB meeting tomorrow


The dollar climbed to its highest level in a month. The markets are focused on tomorrow’s ECB meeting. Boris Johnson will be the new UK Prime Minister succeeding Theresa May. Her final time in front of Parliament will be tomorrow after which she will hand her resignation to the Queen.

"Better do a good deed near at home than go far away to burn incense."
Amelia Earhart
  • FX Rates
    July 24, 2019

    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 dollar’s slow strengthening continues. There seems to be some progress in the trade talks with China. Larry Kudlow expects China to buy US agricultural products soon. Bloomberg said Robert Lighthizer will meet Chinese officials in Shanghai next week. Markets are focused on the interest rate cut that is expected at the end of the month’s Fed meeting.


    With Boris Johnson as the new Prime Minister, a number of cabinet resignations are expected resulting in a cabinet reshuffle. The focus will return to Brexit after the new cabinet is in place. Boris Johnson was one of the prime Brexiteers, so the odds of a hard exit have risen. The pound has strengthened today.


    The euro has continued to weaken ahead of the European Central Bank meeting on Thursday. The prospect of more monetary stimulus is on the table - one or more 25 basis point cuts are expected this year. Today’s PMI data disappointed and the euro slid within sight of the support at 1.1100.


    The Canadian dollar has weakened against the USD for a fourth day despite oil prices rising. 


    Equities in Asia are higher as trade tensions with the US abate. The yen is weakening under pressure from rising oil prices.

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About the Author

Laurence Hayward is the Senior Advisor for International Markets and Risk for Silicon Valley Bank in its Central Region. He is responsible for helping clients mitigate foreign exchange risk, including trade finance and international cash management.

Hayward has over 40 years in the foreign exchange and interest rate markets, with experience as a banker, broker, trader and marketer / advisor. He has worked in London, Abu Dhabi, Dubai, Singapore, Hong Kong, New York, Houston, Dallas, Santa Clara and Denver for Barclays International, First National Bank of Boston, Tullett and Tokyo Forex International, Gulf International Bank, NationsBank, Bank One, Cambridge Mercantile Corp. and Silicon Valley Bank. He has made presentations to the national AFP, the New Orleans AFP, the Houston TMA. Fort Worth Chamber of Commerce, the University of Colorado at Boulder, the KPMG Global Enterprise Institute in Denver, and many bank presentations on the subjects of foreign exchange, international risk, FASB accounting rules and quant analysis. He has also been published in the Wall Street Journal, the New York Times, and many periodicals.
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