FX Update

US strengthens on release of US payroll numbers which solidly beat expectations

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The US dollar rebounds from a nearly one-month low following the US jobs reports which showed that more jobs were added to the economy than expected. The market maintains its risk-off sentiment as uncertainty between the US and China continues. US President Trump reminds us that he is heading into an election year and will use tariffs as international leverage.

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  • FX Rates
    December 6, 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

    US dollar traded down towards one-months low prior to the release of employment data. US non-farm payrolls strongly beat expectations rising 266k in November vs. the expectation of 180k. The greenback rose following the release of this data.


    Volatility for sterling surges as traders anticipate next week’s election. One-week implied volatility is up by 9.6 vols, touching 18.71%, the highest since Oct 21 when there was a fear of a no Brexit deal.


    EUR/USD remains largely unchanged trading below 1.11 after previously trading above the figure. The strong US jobs data supported the greenback and pushed EUR towards session lows.


    The Canadian dollar tumbled after November jobs data out of Canada and the US. The Canadian report showed an unexpected steep loss of jobs while the US report surprised to the upside. USD/CAD is trading at a session high above 1.3250.


    Demand for haven currencies remains as uncertainty between the US and China trade deal continues. The Japanese yen is on track for its biggest weekly gain since October on this risk sentiment.
    NZD is set for it biggest weekly gain in almost three years after the Reserve Bank of New Zealand stated that the economy is near a turning point. NZD/USD currently trading around the 0.6570 level.

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Cate Camerota
Cate Camerota

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