'Risk' FX is trading higher on the chatter of a bailout &/or sale of distressed bank SVB

I posted earlier on the early forex Forex Forex, also known as foreign exchange or FX, is the buying and selling of one currency for another. The foreign exchange market is the largest financial market in the world, with an average daily trading volume of over $5 trillion. Forex trading can be done through a broker or market maker, and can be done online or over the phone. The vast majority of forex trading is done by businesses buying and selling products along with money managers hedging against currency risk. A portion of the forex m Forex, also known as foreign exchange or FX, is the buying and selling of one currency for another. The foreign exchange market is the largest financial market in the world, with an average daily trading volume of over $5 trillion. Forex trading can be done through a broker or market maker, and can be done online or over the phone. The vast majority of forex trading is done by businesses buying and selling products along with money managers hedging against currency risk. A portion of the forex m Read this Term rates, all indicating higher against the US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term on the back of some sort of rescue for depositors at troubled bank SVB:

• Monday morning open levels - indicative forex prices - 13 March 2023

A buyer looks imminent:

• Chatter is that HSBC and JP Morgan are exploring buying troubled bank SVB

and, easier fund access to funds to diminish the contagion risk:

• More SVB - Federal Reserve examining steps to make funding easier as 'backstop' for banks

Contagion seems unlikely. Due to the Fed's efforts during the 2008 financial crisis, the majority of banks have enough capital to withstand losses. Generally, the banking system is stable, and there is a low, but non-neglibile, risk that a systemic problem will arise.

Adam and Justin had eyes on developments all weekend (read from the bottom up for the chronology:

• Bitcoin isn't waiting for the bailout announcement as it takes off in 7% rally
• US government to make 'material' announcement on Silicon Valley Bank today - report
• Yellen: SVB collapse 'clearly a concern'
• SVB collapse: What's next?
• Fed in talks to create a fund to backstop deposits if more banks fail - report

I tidied up the other news over the weekend and will have more to come:

• Chairman Jordan of the Swiss National Bank says Bank doing all it can to curb inflation
• China finance minister &, PBOC Governor to both stay on, an unexpected continuity signal