Credit Suisse Woes Knock Euro, Sterling, Swiss Franc
LONDON—European currencies fell sharply on Wednesday after Credit Suisse’s tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank’s collapse.
Credit Suisse shares fell around 20 percent after its biggest investors said it could not provide more backing.
The Swiss lender woes led the wider European banking index to its lowest level since early January and triggered sharp sell off in the currency markets.
The euro fell 1.2 percent to $1.0605, sterling dropped 0.8 percent to $1.2065 and the Swiss franc slid 1.2 percent to 0.9251 per dollar.
“This morning’s Credit Suisse news is doing all of the damage in FX markets as European bank stocks take another beating today,” said Simon Harvey, Head of FX Analysis at Monex….