SINGAPORE : The U.S. dollar slid on Monday as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank, with investors hoping the Federal Reserve will take a less aggressive monetary path. The U.S. government announced several measures early on Monday Asian hours, and s
SINGAPORE : The U.S. dollar slid on Monday as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank, with investors hoping the Federal Reserve will take a less aggressive monetary path.
The dollar index, which measures the U.S. currency against six rivals, fell 0.153 per cent at 104.080. The Japanese yen strengthened 0.34 per cent to 134.52 per dollar, the highest in a month as investors made a move to safe-haven Asian currencies. "Given all the measures taken by the authorities the market should be calmer at least for the time being, but if there are concerns about regional banks, we could easily see the dollar and Japanese yen rally again."
The SVB collapse led investors to speculate that the Fed would now be reluctant to rock the boat by hiking interest rates by a super-sized 50 basis points this month, with the spotlight firmly on Tuesday's inflation data.
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