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Daily
FX Update

US dollar remains strong as euro falls below 1.09

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Greenback slightly higher than peers as other G10 currencies trade in a tight range amidst quarter-end flows. The euro is headed for its eighth monthly loss this year as global growth concerns continue to weigh on the common currency.

Monday: US Dallas Fed Manufacturing Activity
Tuesday: Canada GDP. Markit Canada Manufacturing. Markit US Manufacturing PMI. US ISM Manufacturing
Wednesday: US ADP Employment Change
Thursday: US Initial Jobless Claims
Friday: US Jobs Data

  • FX Rates
    September 30, 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 greenback hit fresh 2019 highs as EUR fell below 1.09 and GBP fell below 1.23. US dollar strengthened against peers as US-China trade talks remain a focus for markets ahead of Tuesday’s speech by Chinese President Xi Jinping.

    GBP

    Sterling strengthened overnight during the European session following release of data that showed the UK economy expanded a little faster than estimated in the second quarter. The pound remains largely unchanged and is hovering around the 1.23 handle.  

    EUR

    The euro broke through 1.09 to the downside following a report from Reuters stating that leading economic institutes are cutting their 2019 growth forecast for Germany. The expectation for growth is now 0.5% vs. the April forecast of 0.8%. The growth forecast for 2020 was also cut to 1.1% from April’s estimate of 1.8%.

    CAD

    USD/CAD is little changed trading around 1.3250 as we head into month and quarter end. WTI crude prices are weaker by 1.2% at $55.25/bbl after the Saudi Arabian refinery strike.

    ASIA/PACIFIC

    USD/JPY trades to session highs after Bank of Japan reduced the buying of three-to-five year bonds and increased purchases of one-to-three year debt to try to steepen the yield curve.
    Reserve Bank of Australia is due to meet on Tuesday and the expectation is for the central bank to keep its cash target rate at 1.00%. AUD/USD is slightly lower trading around 0.6750.

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 fxadvisors@svb.com.
See all of SVB's latest FX information and commentary at www.svb.com/foreign-exchange

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About the Author

Cate Camerota is currently an FX Advisor at Silicon Valley Bank focusing on early stage and growth Technology names in New England and Eastern Canada. Prior to SVB, Cate worked in FX Sales/Trading at Wells Fargo and Citizens Bank where she supported a portfolio of Middle Market and Mid-Corp clients throughout the Northeast. Cate helped clients identify FX risk and implement strategic hedging programs.

Outside of work, Cate is involved with the Boys & Girls Club of Boston Friends Council, Ladies FORE Finance (women's golf league) and My Life My Choice.

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