Dollar weakens as markets brace for credit contraction
The dollar is weaker against all of its major counterparts – except the yen – this morning as investors await data that should confirm a sharp contraction in US credit growth after the failure of Silicon Valley Bank in early March. Two- and ten-year yields are holding steady, futures are pointing to a mixed open for North American equities, and commodity prices are creeping higher. The yen reversed a brief post-Golden Week rally in the overnight session after a record of the Bank of Japan’s latest meeting showed officials remaining committed to “large-scale easing”, with supply chain constraints easing, commodity prices coming...