Bitcoin Surges as Market Recovers
Amidst the market reaction, growth assets such as Bitcoin experienced a surge. The world's largest cryptocurrency reached a nine-month high and rose 4.62% to $28,065.00.
Dollar Decline Influenced by Regional Bank Concerns
Concerns about regional U.S. banks are also affecting the dollar. First Republic Bank (NYSE: FRC) FRC.N saw its shares drop by 50% on Monday, despite large banks depositing $30 billion into the lender last week.
Euro and Pound Gain Against the Dollar
The euro and British pound gained against the dollar, trading at $1.0724 and $1.2281, respectively. Meanwhile, the dollar rose 0.24% against the Swiss franc at 0.928.
Federal Reserve Decision Anticipated
Investors await the Federal Reserve's decision on interest rate hikes on Wednesday. Traders expect a peak in rates in May at around 4.8%, followed by a steady series of cuts into the end of the year.
Safe-Haven Yen Rises Amid Market Uncertainty
The Japanese yen, viewed as a safe-haven currency during times of stress, strengthened 0.28% versus the greenback at 131.47 per dollar. The Australian and Canadian dollars also rose against the greenback, trading at $0.672 and 1.37 per dollar, respectively.