USD Challenging conditions persisted for the US dollar in yesterday’s session as the recent panic from the banking sector crisis continued to gradually subside, post the announcement of the First Bank Citizen’s agreement to buy all deposits and loans from Silicon Valley Bank.  An upside surprise to the US Consumer Confidence print of 104.20 did little to rescue the unit from its weakening momentum.  The dollar retreated to a low of 102.380 intraday, with dollar demand taking a backseat for the better part [...]

USD The US dollar had a firm start to the week and traded within range for most of the day yesterday, as investors continued to tread carefully as they sought clarification on the fallout from the recent banking failures that have shook the market.  However, the currency was later seen giving up some of its gains lending support to its rivals, ending the session at 102.857, down from its previous session. EUR The euro made a reversal and entered positive territory on the [...]

USD After a steady session in the early morning, the dollar index ended the week on a positive note as risk aversion continued to erode the market on the back of market jitters surrounding the banking crisis.  The dollar index ended the week at 103.116, having reached a high of 103.357 on the day. EUR The euro traded lower for most of the day on Friday, weighed down by a stronger dollar environment.  The shared currency was further weighed down by a drop in [...]

USD The US dollar had a brief step into negative territory from open, forming its intra-session low at 101.915. However, the index managed to reverse some of its earlier session losses as risk conditions exchanged hands on the day post the Initial Jobless Claims print of 191K from an anticipated 197K, paired with the Swiss National Bank following the Fed’s lead and also raising its benchmark rate.  The US dollar ended off the session a touch in the positive territory at 102.532. EUR [...]

USD The US dollar remained flat in the early hours as the market awaited the Fed’s rate decision. The question on the day was whether the Fed was going to deliver a dovish 25bps rate increment and signal a pivot in the tightening of its monetary policy due to the current state of the banking system. In the latter session, the index extended some losses to 102.425 as the rates market collapsed post the 25bps rate increment from the Fed. The US dollar [...]

USD The US dollar maintained its bearish stance yesterday as market participants priced in the possibility of a pause in rate hikes from the Fed, whilst the rates market priced in a 25bps hike. The US dollar stepped into negative territory from open, weaking to 103.002 intraday. Despite seeing some recovery in the latter session, the index failed to significantly lift its head above opening levels and closed off the session weaker at 103.226. EUR The move in the US dollar lower yesterday [...]