USD set for biggest 3-day loss since April as US election results are still unclear

USD set for biggest 3-day loss since April as US election results are still unclear

Two days after the election the race is still too close to call a definitive winner. Here’s what we know:

  • Nevada and Pennsylvania appear to be the two remaining tightest races.
  • Risk aversion briefly pushed the dollar to one-month highs as Trump won Florida and secured new paths to keep the White House, eliminating any chance of a Biden landslide.
  • A risk-on sell-off in the dollar quickly erased this one-month high and brought it to one-week lows as the margin of lead for Trump in key states, Wisconsin, Michigan and Arizona narrowed.
Please be sure to review our most recent research material below:
Use FX budget rates to improve global FP&A
Lease reporting rules force private companies to adapt
  • FX Rates
    November 5, 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 greenback continues to slip for a third day as risk-on trading drives currency markets following the US election. The FOMC will release rate decision later today.
    The Bank of England announced its bond-buying program would expand by 150 billion pounds which was larger than expected. Sterling reversed losses on the news and strengthened towards the 1.31 level.

    EUR/USD broke through the 1.18 handle hitting a high of 1.1860. The common currency continues to strengthen for a third day as the US dollar remains on the defensive.

    USD/CAD below 1.31 handle as risk-on trading supports commodity linked currencies. The currency pair hit lowest intraday level since Sept 7 of 1.3053.
    USD/JPY fell below the 104 handle for the first time since March hitting a low of 103.61. AUD is higher versus the US dollar today breaking through the 0.72 handle and hitting a high of 0.7255.
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.

US dollar reversed two-day decline following broader risk sentiment


Daily FX Update: USD remains under pressure as markets maintain risk appetite


Daily FX Update: Risk-on trading supports commodity-linked currencies


Daily FX Update: Inflation concerns push the USD higher


Dollar gains vs. other safe havens


Dollar trades at lowest in 2 weeks