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The banking sector calmed for now as First Citizen bank acquires failed Silicon Valley Bank.


28.03.2023
The banking sector calmed for now as First Citizen bank acquires failed Silicon Valley Bank.

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3600-1.3700

Euro                 1.4750-1.4850

Sterling            1.6800-1.6900

 

WTI Oil (opening level) $72.92

The US Dollar index is marginally weaker this morning as fears of a full-blown banking crisis diminishes and the markets return to more fundamental issues like inflation and interest rates. We may not be out of the woods yet when it comes to banking issues but the news that the loans and deposits of SVB (Silicon Valley Bank) have been purchased by First Citizens seemed to have calmed the market for the moment and helped to push stocks higher overnight.

The Canadian Dollar picked up a little strength overnight as USD.CAD dipped below the 1.3650 (0.7326) level for a short time before pulling back a little higher as the morning moved along. The Loonie should continue to range trade ahead of Friday's GDP report.

There is lots of secondary US data out today but nothing that I think will move the currency markets much, they will remain cautious for any further developments with the financial sector and with Fed policy on interest rates.

 



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