US dollar on track for largest 2-day gain in 7 weeks

  • August 3, 2020

US dollar on track for largest 2-day gain in 7 weeks

The US dollar reversed its losing streak and extends its rebound for a second day against peers. Renewed concern from investors for a second wave of coronavirus shifts market sentiment to risk-off with WTI falling below $40/bbl. Oil prices continue to slide as OPEC and its allies announce a plan to increase crude output.

8/3 Monday: US ISM Manufacturing

8/5 Wednesday: US ADP Employment Change

8/6 Thursday: BOE Bank Rate Decision; US Initial Jobless Claims

8/7 Friday: US Change in Nonfarm Payrolls

  • FX Rates
    August 3, 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 Bloomberg Dollar index strengthened as much as 0.4% following the 3.3% loss last month - July was the US dollar’s worse month since January 2018. Markets will shift focus to upcoming speeches from Federal Reserve officials.

    Sterling has traded within a large range today as investors evaluate concerns that the UK could reintroduce virus lockdown measures and as the US dollar strengthens across the board. Markets are also focused on commentary and decision from the BOE later this week.


    EUR/USD fell as much as 0.5% following data showing job cuts which contradicted an earlier report that signaled a stronger return for the economy. The currency pair hit a daily low of 1.1696.

    In response to weaker oil, USD/CAD hit fresh daily highs trading above 1.3440. WTI prices fell below $40 as concerns for a second wave of a coronavirus resurface.

    USD/JPY followed broad dollar trend trading higher hitting a level of 106.43 earlier in the session. New Zealand’s Prime Minister Jacinda Ardern announced that the government will continue to provide support to help the economy endure the pandemic fallout.  

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