Here’s what to know about Thursday, March 16:
Wall Street indices ended far from the lows in a wild session that included moments of panic. The Nasdaq barely managed a 0.05% gain, while the Dow lost 0.80%. Central bank tightening expectations continue to ease, boosting US Treasury yields. The banking crisis hit Europe, with attention focused on the health of Credit Suisse (CS). The DXY gained more than 1%, erasing weekly losses, driven by the risk-off scenario. Emerging market currencies were under pressure.
The EUR/USD pair fell towards 1.0500 and then pared losses, although it posted the worst day in months. Thursday meets the Bank European Central Bank (ECB). A 50 basis point rise is still expected amid high inflation, but the current turbulence puts all options on the table. Central banks are now in a more difficult position.
He Swiss franc it was one of the currencies hardest hit by the Swiss Credit drama. It even lost ground against the euro. The Swiss National Bank (SNB) said it would provide liquidity to the CS if necessary. USD/CHF jumped from near 0.9100 above 0.9300, while EUR/CHF bounced from 0.9710 to 0.9850.
GBP/USD it did not escape the strength of the dollar and fell towards 1.2000. However, the pound held up relatively well and EUR/GBP hit a three-month low of 0.8715 before bouncing to 0.8770.
USD/CAD it spiked, reaching levels above 1.3800 and then pulled back. The NZD/USD pair fell slightly, losing 0.6200 points. New Zealand will report fourth quarter GDP on Thursday. AUD/USD gave back recent gains and looks back at January lows (0.6580), although it rose above 0.6600 again during the US afternoon. Australia will report employment figures for February.
He Gold rose to $1,937/oz, a one-month high amid lower US yields, then pared gains. the silver it made monthly highs above $22.00 and then pulled back to finish flat around $21.70.
Bitcoin it held up relatively well despite all the turmoil, with the price hovering around $24,000 after hitting $26,550 on Tuesday, the highest level since June 2022. Ethereum fell 5% to $1,630.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
