Dollar Loses Ground Against Major Rivals
(RTTNews) - The U.S. dollar drifted lower against its major counterparts on Monday, weighed down by concerns over the potential fallout of the collapse of Silicon Valley Bank.
In a joint statement, the U.S. Treasury and Federal Reserve announced decisive actions to protect the U.S. economy by strengthening public confidence in the U.S. banking system.
The authorities also announced that Signature Bank, which had a lot of crypto exposure, would be closed due to systemic risks.
The focus now is on Tuesday's U.S. inflation data. The Federal Reserve's policy meeting is scheduled to be held on March 21-11, while the Bank of England meets a day after the FOMC meeting on March 23.
Goldman Sachs analysts said they no longer expect the Federal Reserve to raise rates by 25 basis points at its next policy meeting on March 21-22.
The dollar index, which fell to 103.48, recovered to 103.62, but still lost nearly 1% from the previous close.
Against the Euro, the dollar weakened to 1.0730 from 1.0642.
The dollar is down against Pound Sterling at $1.2183, losing ground from $1.2034.
Against the Japanese currency, the dollar is trading at 133.25 yen, compared with the previous close of 135.00 yen a unit.
The dollar is down against the Aussie at 0.6666, easing from 0.6582.
Against Swiss franc, the dollar weakened to CHF 0.9121, dropping from CHF 0.9215, and against the Loonie, it eased to C$ 1.3734 from C$ 1.3830.
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