Welcome, Traders!
It is Sunday 19th / Monday 20th of March, depending on where you are.
Here are some things to expect ahead of the APAC session today.
Sentiment
On Friday, US Treasury yields resumed their decline, dragging the dollar lower amid reports that at least four large banks have restricted trading with Credit Suisse. As haven demand soared, the yen rallied, outperforming peers on a daily and weekly basis.
ICYMI
- Turkey’s President Erdogan: Ukraine Black Sea grain export agreement has been prolonged.
- Mid-Size Bank Coalition of America in a letter to regulators: Midsize US banks ask FDIC to insure all deposits for 2 years.
- Mid-Size Bank Coalition of America in a letter to regulators: Despite the general health and safety of the banking industry, confidence has been undermined in all but the largest banks.
- FDIC is said to move toward a breakup plan for SVB.
- Evergrande is said to get creditor support for restructuring.
- UBS is said to agree to the purchase of Credit Suisse.
- SNB gives substantial liquidity support to the UBS takeover of Credit Suisse.
- Swiss Government grants UBS 9 bln swiss franc guarantee on Credit Suisse losses.
- SNB's Chairman Jordan: US Banking crisis aggravated the Credit Suisse crisis.
Docket
9:15 PM ET
PBoC Interest Rate 1 Year for March
Median Forecast: 3.65% | Prior: 3.65% | Range: 3.65% / 3.60%
PBoC Interest Rate 5 Year for March
Median Forecast: 4.30% | Prior: 4.30% | Range: 4.30 / 4.25%
Good luck!
