The decline of the dollar amid market concerns due to banks | Gulf newspaper

The dollar fell on Friday, as shares of Credit Suisse and First Republic Bank continued to decline, which raised market concerns about contagion to other banks, and increased fears of a recession due to tightening monetary policies.

European stocks recovered early, but the recovery lost momentum as investor sentiment remained weak after a week of turmoil following the March 10 collapse of Silicon Valley.

The dollar index, which measures the performance of the US currency against six major currencies, fell 0.604% as traders await the Federal Reserve’s two-day monetary policy meeting, which is expected to result in a quarter-percentage-point increase in interest rates on March 22. . The euro rose 0.66% to $1.0675.

The pound sterling rose 0.70% in its latest trading, to reach 1.2192, while the dollar fell 0.39 against the Swiss franc.

The Japanese yen rose 1.48% to 131.77 yen per dollar. The Australian dollar gained 0.81%, to reach $0.671.

(Reuters)