Yen advances on news that US President Trump tests positive for covid-19

Markets moved towards risk-off trading with equity futures down across the board and the US dollar advancing versus most G10 peers. The USD held gains following employment data which showed the unemployment rate falling to 7.9% vs. expectation of 8.2% the numbers were slightly skewed due to a lower participation rate. The Japanese yen strengthened against the US dollar as much as 0.7% as investors moved towards safe haven assets. Sterling also moved higher on news that Boris Johnson is due to meet with European Commission President Ursula von der Leyen this Sunday.

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  • FX Rates
    October 2, 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 dollar rose against all G10 currencies except for yen, pound and Swedish krona. The greenback strengthened on broad risk-off trading following news of the US President’s positive coronavirus test.
    GBP

    The British pound reversed losses strengthening 0.5% and hitting a high of 1.2954. On Sunday, Boris Johnson will hold talks with the European Commission President Ursula von der Leyen to an attempt to get closer to a deal.

    EUR

    EUR weakened against the greenback as markets move towards risk-off trading and following employment data out of the US. The common currency hit a low of 1.1696 but is currently trading above the 1.17 handle.

    CAD
    The Canadian dollar weakened alongside with risk appetite following news that Trump and the first lady tested positive for Covid-19. Crude oil fell 3.4% after dropping as much as 5%, the commodity is trading at lowest levels in more than 3 weeks.
    ASIA/PACIFIC
    USD/JPY fell almost 1% as markets shifted to risk-off following news that US President Trump tested positive for coronavirus. One week volatility for the currency pair jumped 175 bps rising to 6.71%. The Australian dollar lead losses for G10 currencies falling as much at 0.8% .
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Cate Camerota
WRITTEN BY
Cate Camerota

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