US dollar on track for second week of gains

European leaders failed to agree on a plan to protect the region’s economy from the impact of the coronavirus. In reaction to this, markets shifted to risk-off supporting the US dollar. EUR/USD fell to one-month lows with US equities trading mixed and US treasuries stabilized. The US bill for a $484 billion package was passed by the House of Representatives reloading funding for small businesses and providing support for hospitals.


“No need to hurry. No need to sparkle. No need to be anybody but oneself."
Virginia Woolf
  • FX Rates
    April 24, 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
    US dollar continues to hold higher, strengthening for a fifth day against its peers. News from pharma company Gilead suggested that the drug developed to cure coronavirus was a failure spurring demand for the US dollar and other safe haven assets.
    Fears of an extended virus lockdown and poor retail sales pushed sterling lower, on-pace for its first weekly drop since earlier this month. UK retail sales fell the most for the month of March since records began.

    EUR/USD fell below the 1.08 handle hitting a one-month low of 1.0727. Christine Lagarde, President of the European Central Bank, said to euro-area governments that the region’s economy could shrink by as much as 15% as a result of the pandemic.

    USD/CAD fell 0.2% as oil prices rebound. WTI June future contracts strengthened $0.43 to $16.93.
    The Japanese yen remains firmly in the 107-108 trading range. The currency pair has risen slightly this week (0.1%). AUD and NZD dropped on news doubting that the drug developed to cure coronavirus would work.
Contact Us

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
See all of SVB's latest FX information and commentary at

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at You can withdraw your consent at any time.

Cate Camerota
Cate Camerota

Insights from SVB Industry Experts

SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

Global stocks reach all-time highs on strong China GDP, soft US bond yields


Daily FX Update: Lower dollar, higher stocks amid upbeat US earnings & economic data


Daily FX Update: Stocks firm, dollar lower ahead of bank earnings reports


Daily FX Update: CPI exceeds expectations, stocks and dollar mixed


Daily FX Update: Stocks & dollar lower ahead of inflation and retail sales data


Daily FX Update: Treasuries, Dollar tick higher to end week