EUR/USD (EURUSD=X)
| Previous Close | 1.0671 |
| Open | 1.0691 |
| Bid | 1.0720 |
| Day's Range | 1.0636 - 1.0733 |
| 52 Week Range | 0.9540 - 1.1183 |
| Ask | 1.0715 |
- Reuters
Goldman Sachs lowers euro zone growth forecast; sees no growth for UK
Goldman Sachs lowered its 2023 economic growth forecast for the euro zone on Monday, citing ongoing stress in the global banking system and an increase in economic uncertainty. The investment bank said it sees a 0.3% hit to the euro zone's real gross domestic product (GDP), reducing the growth forecast to 0.7% for 2023. It added that it sees no economic growth in UK this year and no longer expects the Bank of England (BoE) to hike its policy rate in May, leaving its terminal rate forecast for BoE at 4.25%.
- Reuters
Euro zone bond yields drop as contagion risk spooks investors
Euro zone government bond yields dropped on Monday as risks of a banking crisis kept spooking investors after UBS sealed a deal to buy Credit Suisse and some of the world's largest central banks teamed up to reassure markets. UBS will pay 3 billion Swiss francs ($3.24 billion)for Credit Suisse, and the Swiss central bank (SNB) said it would supply substantial liquidity to the merged bank. The Federal Reserve joined forces with the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and SNB in a coordinated action to enhance the provision of liquidity through their standing U.S. dollar swap line arrangements.
- Reuters
Euro debt sales plunge in aftermath of banking rout
Borrowers raised just 3.3 billion euros this week from syndicated debt sales, according to the Refinitiv data compiled for Reuters, which excludes pre-planned government bond auctions. That was the lowest weekly amount all year, Refinitiv's data showed, and a tiny fraction of the 59.5 billion euros raised last week. In contrast, $144 billion was raised in U.S. dollar-denominated deals this week, Refinitiv said, with the lion's share coming from an $89 billion debt sale by the U.S. Federal Home Loan Bank, a key lender to U.S. regional banks, to support member banks' liquidity needs.
