Open: New York Session | Forex, Metals, Oil, Agriculture March 20, 2023

A member of the National Guard plays a trumpet during a flag rai


The European Central Bank, along with the Federal Reserve and four other central banks, announced action to boost liquidity in their standing US dollar swap arrangements. The Bloomberg Dollar Spot Index traded near its lows of the day, boosting the Japanese yen and British pound.


Gold reversed earlier gains and oil fell, while Bitcoin climbed for a fifth straight day. Ethereum is often a high-beta Bitcoin, but this is looking like a “flight to digital gold” for now. Gold drops but other commodities muted on Credit Suisse rescue.

United States

Credit Suisse UBS agreed to buy Credit Suisse in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets. Winners and losers emerge from UBS Group s acquisition of Credit Suisse, central banks rush to calm market jitters and the case for a Federal Reserve pause gains steam. Today we look at the Fed s need to account for a credit crunch in deciding whether a further interest-rate hike is needed this week, View in browser Hello.
Winners and losers emerge from UBS Group s acquisition of Credit Suisse, central banks rush to calm market jitters and the cas View in browser Good morning. UBS is paying more than $3.3 billion for its rival, a 99% decline from Credit Suisse s peak value in 2007 a stunning collapse of the 166-year-old bank. The Fed, like other central banks, is a widely hated institution that lacks political accountability and is seen as having far too much power.
The balance of risks have shifted, said Daleep Singh, chief global economist for PGIM Fixed Income and former markets chief at the New York Fed. Swiss authorities had been considering a full or partial nationalization as a last resort, but ended up providing UBS with a 9 billion guarantee if future losses run high. Ahead of the UBS-Credit Suisse deal, French Finance Minister Bruno Le Maire insisted French banks are solid and savers have nothing to worry about. A banking sector in difficulties will more or less by definition tighten financial conditions, rendering it less necessary for the Fed to tighten.


A pharmacy in Beijing, China, on Thursday, Jan. 19, 2023.


France will press ahead with an overhaul of its retirement system despite street protests and no-confidence votes against Emmanuel Macron planned for today, Finance Minister Bruno Le Maire said. But key questions, including whether countries can be reimbursed for buying shells from US or non-EU firms, remain outstanding. The EU’s foreign and defense ministers meet in Brussels. ECB President Christine Lagarde appears before the European Parliament s economic committee.