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MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
September 18, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
September 5, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
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Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
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Currencies 2 MIN READ

US recap: Dollar and yen up vs euro amid banking stress risk flows

March 24, 2023By Reuters
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March 24 (Reuters) – The dollar and yen rose against the euro and most major currencies on Friday in a pre-weekend climax of risk-off flows tied to global banking stress and tightening central banks.

USD/JPY enjoyed a late rebound after stocks and Treasury yields recovered from early losses.

EUR/USD was down 0.66% in afternoon trading, with its recovery from Friday’s 1.0714 lows on EBS by the 10-day moving average limited by the sharp rebound in Treasury yields.

Selling pressure also persisted as European bank stocks fell far more than those in the US, led by an 8.5% drop in Deutsche Bank and a 2% dip in the Invesco AT1 bond ETF. UBS, amid a government backed rescue of Credit Suisse, fell 3.55%.

The early scramble into safe havens also reflected pre-weekend derisking, which peaked early in the US session and then retreated.

Above-forecast US March PMI readings encouraged the retreat in risk aversion from its extremes, as did comments by St. Louis Federal Reserve president James Bullard, who said he saw an 80% chance of financial stress abating and the discussion shifting back to inflation.

Friday’s three Fed speakers indicated Wednesday’s 25bp rate hike to fight inflation was justified because financial stability was not jeopardized by failures at certain banks that were not relevant to the banking system as a whole.

As it stands, 2-year Treasury yields, which encapsulate the likely path of Fed policy over that period, fell an incredible 153bp from March 8’s closing peak to Friday’s intraday day low, with yields up roughly 20bp from Friday’s lows ahead of the close.

USD/JPY recovered virtually all its early risk-off losses, but a rebound to reset oversold prices and Treasury yields will likely serve up a new selling opportunity.

Sterling fell 0.5%, partly recovering from earlier risk-off losses.

US March ISMs and payrolls data awaited on April 3, 5 and 7.

(Editing by Burton Frierson; Randolph Donney is a Reuters market analyst. The views expressed are his own.)

 

This article originally appeared on reuters.com

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