Palladium declines below $1,400 even as dollar weakens

Economies.com
2023-03-17 14:57PM UTC

Palladium prices fell on Friday amid ongoing concerns about the banking system in the US and Europe, casting shadows on demand.

 

The Banking Crisis 

 

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to reduce the confidence crisis that's causing a shock to the global financial system.

 

The largest shareholder in Credit Suisse said "everything is going alright", and it's unlikely for the bank to seek more capital.

 

The announcements came amid a frantic trading session amid concerns about the financial situation of the bank, which caused concerns to regulators worldwide.

 

International media said that JPMorgan Chase and Morgan Stanley are considering an intervention and support with more liquidity, and potentially an acquisition of the struggling First Republic bank.

 

The Federal Reserve also announced an emergency funding program to support struggling banks with liquidity. 

 

The Dollar

 

The dollar index fell 0.3% as of 14:44 GMT to 104.08, with a session-high at 104.4, and a low at 103.9.

 

Banking stocks continue to suffer, with First Republic bank collapsing by 21% despite liquidity support from other major US banks, while Credit Suisse stock fell by 6.3%. 

 

Monitors are concerned such a crisis could lead to an economic recession in major economies, hurting demand on commodities. 

 

Palladium futures due in June fell 1.4% as of 14:45 GMT to $1,389.5 an ounce.

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