U.S. dollar jumps on safe-haven bids as banking fears mount

Xinhua
16 Mar 2023, 06:44 GMT+10

NEW YORK, March 15 (Xinhua) -- The U.S. dollar surged in late trading on Wednesday as market participants sought safe havens amid banking turmoil.

The dollar index, which measures the greenback against six major peers, increased 1 percent to 104.6299.

In late New York trading, the euro fell to 1.0587 U.S. dollars from 1.0740 dollars in the previous session, and the British pound fell to 1.2077 U.S. dollars from 1.2172 dollars in the previous session.

The U.S. dollar bought 133.50 Japanese yen, lower than 134.16 Japanese yen of the previous session. The U.S. dollar was up to 0.9285 Swiss francs from 0.9132 Swiss francs, and it was up to 1.3741 Canadian dollars from 1.3681 Canadian dollars. The U.S. dollar increased to 10.5693 Swedish Kronor from 10.4665 Swedish Kronor.

The above market reactions came as turbulence at Credit Suisse renewed fears of a banking crisis.

Shares of Credit Suisse on Wednesday plunged to a record low after a top investor in the embattled Swiss bank said it would not make further investments in the firm.

The turmoil came at a time when market sentiment was already dented by recent bank failures in the United States.

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