Weak demand for USD amid upbeat market mood

Weak demand for USD amid upbeat market mood

The dollar is mostly lower amid stronger equities and solid economic data reported out of Europe on Friday. Light trading overall today as Chinese, Japanese and UK markets celebrate May holidays.

This week's economic data:

Monday: FR Markit Manufacturing, US ISM Manufacturing

Tuesday: US Durable Goods, UK Markit PMI

Wednesday: US Mortgage Applications, GE Factory Orders

Thursday: BOE Bank Rate, US Jobless Claims

Friday: US & Canada Unemployment Rate

  • FX Rates
    May 3, 2021

    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 dollar is lower versus G-10 peers as risk tone improves. Data out today includes US PMI for April, ISM Manufacturing and Construction spending. Fed Chair Powell will also speak on community development.

    GBP

    The pound leads gainers today reversing and recovering nearly all ground lost to the dollar on Friday as US yields ease.

    EUR

    The euro ticked up 0.2% following eurozone manufacturing data that rose to the highest level in 20 years.

    CAD
    USD/CAD edged lower and trades within a narrow range hovering near 2018 lows. Markets remain focused on key data this week including unemployment numbers for both Canada and the US Friday.
    ASIA/PACIFIC

    The USD/JPY cross reached one month highs on Monday snapping a three week losing streak.

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 PrivacyOffice@svb.com. You can withdraw your consent at any time.

Kathryn Garvey
WRITTEN BY
Kathryn Garvey

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.

Market risk appetite boosts commodity-linked currencies

 

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