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Daily
FX Update

US non-farm payrolls surprise to the upside moving USD higher

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This morning, US October non-farm payrolls were released at 138k vs. the expectation of 85k. The US dollar reversed losses this week after hitting lowest levels in over three months. The Bank of Canada announced rate decision Wednesday to keep rates on hold. The Conservative Party in the UK leads the polls for the upcoming election supporting GBP/USD.

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  • FX Rates
    November 1, 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

    USD rebounded from lowest level in over three months following data out of China that showed PMI figures higher than expected. US non-farm payrolls also surprised to the upside supporting the US dollar.

    GBP

    Sterling heads for a weekly gain as the Conservative party leads in the polls for December’s election. The currency is on track for a weekly gain of over 1%. Nigel Farage is due to speak later Friday to launch the Brexit Party campaign.

    EUR

    The EUR continues to maintain its strength against the USD despite the Fed’s announcement that the central bank was done with cutting rates for now. This signals that market drivers have shifted from monetary policy to global sentiment. The currency has gained almost 1% against the greenback this week.

    CAD

    Wednesday’s Bank of Canada meeting resulted in the central bank holding rates and announcing a downgrade in growth forecasts. CAD rose as much as 0.9% on the news. The Canadian dollar reversed its gains following US non-farm payrolls this morning. While WTI crude oil prices strengthened slightly this morning, the commodity is on track for a 3% loss this week.

    ASIA/PACIFIC

    USD/JPY largely unchanged after hitting a three-week low of 107.89. China PMI was released higher than expected at 51.7 vs. the estimate of 51.0. Aussie Dollar and New Zealand Dollar were supported by this data release. AUD/USD rallied over 2% for the month of October, the most since January.

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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