US Dollar Index retreats, euro gains after Credit Suisse
FxPremiere.com – Forex Signals – The U.S. dollar retreated in early European trade Thursday and the euro pushed higher as Credit Suisse’s move to bolster its financial position boosted risk sentiment.
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At 03:55 ET (07:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% lower at 103.980, handing back some of the previous session’s 1% gain.
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Credit Suisse (SIX:CSGN) announced late Wednesday plans to borrow as much as CHF 50 billion ($1 = CHF 0.9297) from the Swiss National Bank, strengthening its liquidity position.
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Worries have been growing about the Swiss lender’s financial health for some time as it struggled with hefty customer outflows in the wake of a string of scandals. These came to head on Wednesday with its share price slumping to a record low as its main investor, Saudi National Bank, said it was unable to provide more funding to the lender.
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EUR/USD rose 0.4% to 1.0619, bouncing on the news, ahead of the European Central Bank’s latest policy-setting meeting later in the session.
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The question is the same in the U.S., with the Federal Reserve likely to hold back from increasing interest rates by an outsized 50 basis points next week, given the strain on the U.S. banking system.
Goldman Sachs has lifted its estimate of the odds of a U.S. recession to 35% over the next 12 months in response to increased uncertainty over the economic impact of bank stress, an increase from 25% previously.
USD/JPY fell 0.5% to 132.69, with the yen one of the best performers of the day. The risk-sensitive AUD/USD rose 0.6% to 0.665670, while USD/CNY edged 0.1% lower to 6.9007.
US Dollar Index retreats, euro gains after Credit Suisse
US Dollar Index retreats, euro gains after Credit Suisse
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US Dollar Index retreats, euro gains after Credit Suisse
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