US dollar index advances to highest level in one-week
The US dollar continues to drive FX markets as its move higher has caused all but one of its G10 peers to weaken. US 10-year Treasury yields hit a one-year high and US PPI Retail Sales data was released higher than expected supporting the US currency. Cold temperatures in the US continue to impact oil prices supporting a higher price per barrel.
February 17, 2021
EUR/USD 1.2037 GBP/USD 1.3848 USD/CAD 1.2731 AUD/USD 0.7728 USD/JPY 106.0900 USD/CNH 6.4456 USD/ILS 3.2577 USD/MXN 20.3509 USD/CHF 0.8978 USD/INR 72.7513 USD/BRL 5.3705 USD/SGD 1.3305 USD/DKK 6.1776 USD/SEK 8.3443 USD/NOK 8.5159
USDThe greenback gained against peers as 10-year Treasuries hit one-year highs. The US dollar extended its gain to a one-week high after stronger than expected US PPI Retail Sales data was released.GBPSterling slips on US dollar strength falling as much as 0.3%. GBP/USD is trading within the 1.38 handle, moving away from the psychological 1.40 level targeted yesterday.EURThe euro was one of the biggest G10 losers versus the greenback falling as much as 0.4% and hitting a low of 1.2031.CADEarlier in the trading session the Canadian dollar remained steady against a firmer dollar as oil prices rose. The loonie has since weakened against the USD with USD/CAD trading about 0.3% higher.ASIA/PACIFICThe Japanese yen was the only G10 gainer versus the US dollar with USD/JPY falling as much as 0.2%. AUD/USD moved as much as 0.4% lower following comments from the Reserve Bank of Australia Assistant Governor Christopher Kent stating that the policy from the central bank will continue to put downward pressure on the currency.
For more analysis on FX markets or information regarding SVB's FX services:
See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory