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Weaker Early Doors Monday As SVB Developments Eyed

USD

The USD has been offered earlier doors on Monday. Gains against the dollar have been fairly uniform, with JPY and SEK both leading the way versus NY closing levels from Friday. USD/JPY is down to 134.35/40 around 0.50% firmer in yen terms. USD/SEK is back to 10.6300/50 (-0.70%). AUD/USD is back above 0.6600, +0.40% higher, while EUR/USD is in the 1.0680/85 region currently (+0.40%). NZD/USD is +0.20% to 0.6140/45.

  • The weekend focus was on the SVB situation. It remains a fluid process and headlines continue to filter out. Among the developments, the Fed is reportedly discussing easing access to the discount window for banks to supporting funding requirements, while the US is also reportedly weighing protecting all deposits at the bank according to the Washington Post.
  • Developments that are seen as containing the fallout of the SVB collapse, driving a smooth resolution etc will be supportive of risk appetite and could weigh on USD demand, all else equal.
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