USD hits lows not seen since May 2018

USD hits lows not seen since May 2018

Overnight news signaled that Joe Biden could win the key state of Georgia leading the number of votes by a small margin. The dollar index is down and on pace to trade almost 2% lower for the week. This losing streak is the worst 5-day loss the market has seen for the greenback since March.

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  • FX Rates
    November 6, 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 US dollar strengthened earlier in the session only to lose those gains and more. News signaling that Biden is leading the state of Georgia caused the greenback to continue its losing streak.
    Sterling has fluctuated between gains and losses as investors evaluate the potential Brexit deal vs. the negative impact of a nationwide lockdown. The currency is also being supported by broad USD weakness.

    EUR/USD is up the most since July strengthening almost 2%. The currency pair has not yet broken through the key psychological level of 1.19 but technicals suggest there could be a rally up towards 1.2160.

    The Canadian dollar led losses for G-10 currencies today as oil prices decline for a second day. Canadian unemployment data was released this morning showing a modest move lower to 8.9% vs. last month’s report of 9%.

    USD/JPY continues to trade within the 103 handle maintaining a tight range. The currency pair hit an eight-month low of 103.18.

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Cate Camerota
Cate Camerota

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