USD/CHF gains strong positive traction on Wednesday amid a blowout intraday USD rally. Negative news surrounding Credit Suisse boosts the USD’s global reserve currency status. Bets for at least a 25 bps Fed rate hike in March support prospect for a further upside.
US banking crisis reaching European shores - As it's happening
News of Credit Suisse's largest investors' inability to provide financial assistance revived fears over a banking crisis, this time in Europe. Major global equity indexes came back under immense pressure following Tuesday's relief rally and global bond yields fell sharply amid flight to safety.
Economics news may get drowned out by the squashed stock market rally in regional banks in pre-market trading. The WSJ reports some of the regionals are falling again as “banking fear returns.” And the European banking sector is in trouble, led by Credit Suisse.