FX Update

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

" | 

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.

“Our diversity is our strength. What a dull and pointless life it would be if everyone was the same.”

Angelina Jolie
  • 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.


    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.


    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.


    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.


    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/trends-insights/foreign-exchange-advisory

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 privacy@svb.com. 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.

As risk appetite grows dollar weakens


Daily FX Update: Dollar stronger on global Covid surge


Daily FX Update: Dollar weaker for fourth day


Daily FX Update: Dollar flat as market awaits stimulus


Daily FX Update: Dollar weaker on hope for US stimulus package


Dollar lower amid risk-on trading; US Retail Sales beat