The EUR/USD price drifted higher on Monday morning as the turmoil in the banking sector continued.
The closely-watched forex pair rose to a high of 1.0696, the highest point since March 15 of this year. It has been rising gradually after last week’s European Central Bank decision.The European banking sector remained on edge during the weekend as regulators fought to prevent Credit Suisse from falling. According to Bloomberg, the company was shedding over $10 billion in deposits per day last week.
Therefore, the focus in the morning hours will be on European banks like Unicredit, BNP Paribas, and Societe Generale. Most importantly, investors will continue watching America’s regional banks as the industry deals with its biggest crisis since the Global Financial Crisis. There will be no major economic data from Europe and the US on Monday. Therefore, traders will still be focusing on the upcoming decision by the Federal Reserve. Analysts believe that the Fed is in a fix now, with high inflation coinciding with elevated financial market risks.
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