Forex Today: US Introduces New Bank Backstop Protecting All Deposits
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Measures announced by the US Treasury and other regulatory agencies to provide a backstop for all uninsured bank deposits in the US have improved risk sentiment, boosting stocks, while the US Dollar and US Treasury Yields sink.The US Treasury, in conjunction with other regulatory agencies, has announced a “backstop” – a willingness to act as lender of the last resort – to all bank deposits in the US, including those deposits not insured by the FDIC.
In the Forex market, the US Dollar is currently the strongest major currency, while the Australian Dollar is the weakest.Depositors with the Silicon Valley Bank have been promised access to their full deposit amounts today.
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