Dollar resumes decline amid the ongoing banking crisis

Economies.com
2023-03-17 20:17PM UTC

Dollar declined against most major rivals on Friday amid ongoing concerns in the global markets regarding the banking sector. 

 

Attempts to Rescue the Situation .. But

 

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to improve its situation after 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 due to 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 with liquidity support, 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.

 

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.

 

Otherwise earlier data from the University of Michigan showed the US consumer confidence survey fell to 63.4 in March from 67, missing estimates of 66.9. 

 

On trading, the dollar index fell 0.5% as of 19:58 GMT to 103.9, with a session-high at 104.4, and a low at 103.6. 

 

The Loonie

 

The Canadian dollar fell 0.1% against its US counterpart to 0.728. 

 

Aussie

 

AUD/USD rose 0.6% as of 20:16 GMT to 0.6698. 

Forex and Currency News

Forex News

Forex

The dollar declines after weak US data
2024-03-01 21:25PM UTC
The dollar declined against most major rivals on Friday following weak data and speculation about ...
EUR/USD news

Forex

Euro gains ground ahead of European inflation data
2024-03-01 08:14AM UTC
Euro rose in European trade on Friday against a basket of major rivals, holding above one-week lows ...
Forex News

Forex

Dollar edges up after inflation data
2024-02-29 21:46PM UTC
Dollar rose against most major rivals on Thursday following US inflation data, which could have an ...

Forex Technical Analysis

EUR USD Analysis

Forex

Midday update for the EURUSD 01-03-2024
2024-03-01 10:39AM UTC
The EURUSD pair fluctuates around the EMA50 since morning, and didn’t show any strong move ...
GBP USD Analysis

Forex

The GBPUSD breaks the support - Analysis - 01-03-2024
2024-03-01 08:47AM UTC
The GBPUSD pair faced clear negative pressure yesterday, as it broke 1.2650 level and closed the ...
Technical Analysis

Forex

The GBPCHF provides positive signal – Analysis – 1-3-2024
2024-03-01 07:16AM UTC
The GBPCHF pair provided positive signal by fluctuating above 1.1170 barrier, attempting to confirm ...