Author: FX

Pacific Western addresses liquidity concerns; $10.8B in available cash Source link

© Reuters. FILE PHOTO: Used boxes of Mifepristone pills, the first drug used in a medical abortion, fill a trash at Alamo Women’s Clinic in Albuquerque, New Mexico, U.S., January 11, 2023. REUTERS/Evleyn Hockstein By Dan Whitcomb and Steve Gorman (Reuters) -Wyoming Governor Mark Gordon on Friday signed into law a bill outlawing the use or prescription of medication abortion pills that was passed by the state’s Republican-controlled legislature earlier this month.  Gordon, a Republican, signed the law as a federal judge in Texas considers ordering a nationwide ban on the abortion pill mifepristone in response to a lawsuit by…

According to Moody’s, the downgrade and ratings reflect “the deterioration in the bank’s financial profile and the significant challenges it faces”. Adding that it is maintaining ratings under review for a downgrade as well. For some context, a drop from B2 to Baa1 is straight up putting the credit profile of First Republic Bank into speculative and high risk territory.There really should be ratings agencies for ratings agencies themselves at this point. They have been so out of it ever since the events leading up to the global financial crisis. Source link

US rates moved sharply lower today as banking concerns along with hopes for a more dovish Fed next week, sent funds flowing into US treasuries. Looking at the US treasury curve, the:2 year: 3.387%, down -29.3 basis points5 year: 3.504%, down -23.2 basis points10 year: 3.439%, down -26 basis points30 year: 3.627%, down -8.2 basis points. For the week, the yields were sharply lower as traders reacted to the banking crises in Switzerland and the US. Today Silicon Valley Bank filed for Chapter 11 bankruptcy. Meanwhile First Republic, which rallied yesterday on the back of a syndicate of US banks…

Share: On Wednesday, the Federal Reserve will announce its decision on monetary policy. Analysts at Danske Bank see the Fed raising rates by 25 basis points despite recent turmoil amid banking sector jitters.  Fed cannot afford to stop tightening monetary policy “This week, the ECB emphasized that there is no trade-off between inflation and financial stability risks, and we expect Fed to deliver a similar message next week. The new Bank Term Funding Program, allowing banks to tap liquidity from the Fed against collateral valued at par, provided banks with USD11.9 billion during its first three days of…

Price action was mixed and it was a  push-and-pull kind of week as traders and investors weighed fresh banking sector crisis concerns against a potential shift in monetary and interest rate policies. Hard assets like bitcoin and gold dominated this week on fears of banking system issues and depositor safety, while in FX, the Japanese yen took the top spot among the forex majors. Notable News & Economic Updates: Global banking liquidity headlines: On Sunday night, the U.S. Treasury Department, Federal Reserve, and the Federal Deposit Insurance Corp. (FDIC) insured ALL of SVB and Signature Bank’s deposits The Fed launched…

Rex_Wholster A coalition that includes several of the US’ largest multi-state operators has sued the New York State Office of Cannabis Management over restrictive marijuana dispensary licensing. Currently, only individuals with a prior cannabis offense or a non-profit can receive a license. The lawsuit, filed in Albany Co. Supreme Court by the Coalition for Access to Regulated & Safe Cannabis on Thursday, accuses the state agency of unconstitutional overreach and abdication of duties. The case was first reported by The Syracuse Post-Standard. Curaleaf Holdings (OTCPK:CURLF), Green Thumb Industries (OTCQX:GTBIF), and Acreage Holdings (OTCQX:ACRHF) are MSOs that are part of the…

© Reuters. EasyJet logo is pictured at Cointrin Airport during the coronavirus disease (COVID-19) outbreak, in Geneva, Switzerland, May 28, 2020. REUTERS/Denis Balibouse LISBON (Reuters) – EasyJet cabin staff in Portugal will go on a three-day strike in early April to demand higher wages to compensate for the soaring cost of living, the SNPVAC union of civil aviation flight personnel said on Friday. Workers at the British low-cost airline, who also seek better working conditions, are planning to walk out between April 1-3. “Due to the economic climate, easyJet (LON:) workers have lost purchasing power over the last three years,”…

Share: GBP/USD declined toward 1.2100 during the European trading hours but regained its traction amid renewed US Dollar (USD) weakness. The pair seems to have stabilized at around 1.2150 in the American session and remains on track to end the week in positive territory. Read More…   The GBP/USD pair builds on the previous day’s strong move up and scales higher for the second successive day on Friday. The pair, however, retreats a few pips from the daily peak touched during the early part of the European session and is currently placed around the 1.2135-1.2130 region, still up over…

Share: Financial turmoil weighs on investors’ mood and drags black gold lower. WTI bounced modestly after posting a fresh 2023 low of $65.22 a barrel. The barrel of West Texas Intermediate fell to $65.22 on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing on the market mood. The banking crisis triggered by Silicon Valley Bank (SVB) and Signature Bank last week escalated, with Credit Suisse under siege after its top shareholder ruled out providing financial assistance to the company. Stock markets collapsed despite authorities’ efforts to…