Daily Alert – Friday 17th March 2023: Bank fears continue to dominate
The banking situation continues to dominate sentiment. Today we reverted to risk-off sentiment. It looks like the USD54bln facility given to Credit Suisse by the Swiss National Bank may not be enough. Further, in the US, First Republic Bank has been rescued by 11 major US institutions providing USD30bln of loans. This is after First Republic tapped a Federal Reserve liquidity line for as much as USD109bln in the days before the rescue.
Trading this week has been impossible. My one effort, EURGBP short, was destroyed by the Credit Suisse situation where a weakening Euro caused my stop loss to be hit.
There is a brief video of last week’s Trade 7 (GBPUSD short, breakeven) in the member’s area.
Have a great weekend and I’ll be back on Monday.
I’ll be back tomorrow.
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