Currency update

Category:-Metal | 16-Mar-2023 09:56 AM

The U.S. dollar rose on Wednesday on safe-haven buying after Credit Suisse’s stock tumbled following the disclosure of “weaknesses” in its financial reporting that renewed investor concerns that a full-blown global banking crisis may be brewing.

European currencies fell sharply against the dollar after Credit Suisse shares plummeted after its biggest investor, citing regulatory issues about the size of its holding, said it was unable to increase its stake.

Markets are pricing in a 50% chance of no change and a 50% chance of a 25 bps increase from the U.S. Federal Reserve next week.

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