USD Pressured; Fed, FDIC Seek To Limit SVB Fallout

The greenback remains pressured in Asia today, the AUD is currently the strongest performer in the G-10 space at the margins. To recap, the Fed have created a new funding operation to stem the risk of a run on deposit taking institutions and Fed, US Treasury and FDIC noted in a joint statement that SVB depositors would be made whole.

• AUD/USD prints at $0.6625/30. The pair breached Friday's highs in early dealing before moderating gains. The next upside target for bulls is $0.6695, the low from 1 March.
• Yen was over 1% firmer in volatile trading this morning, the pair breached support at ¥134.23 50-Day EMA before finding support before ¥134. USD/JPY sits ~0.3% softer, last printing at ¥134.40/50. Q1 BSI Large Manufacturing printed at -10.5, the prior read was -3.6, Q1 BSI Large All Industry was also softer printing at -3.0 weakening from the prior read of 0.7.
• NZD/USD sits ~0.5% firmer, last printing at $0.6160/65. The pair has yet to breach Fridays highs, resistance was seen at $0.6170 this morning. Feb PSI printed at 55.8, with the prior revised higher to 54.7. Feb Food Prices rose 1.5% moderating from the 1.7% seen in January.
• Elsewhere in G-10 EUR and GBP are up ~0.5%. CHF is lagging albeit the Franc is ~0.3% firmer.
• Cross asset wise, US Equity futures are firmer. S&P500 E-minis are up ~1.4%. The US Treasury Curve has steepened. BBDXY is down ~0.5%, having broken through its 20-Day EMA in early dealing.
• The evolving SVB situation will dominate today's session. The data calendar is thin for the remainder of the day.