Dollar is falling with intervention to curb repercussions of the collapse of Silicon Valley bank

The dollar fell today, Monday, as the US authorities intervened to curb the repercussions of the sudden collapse of the Silicon Valley Bank (SVB), as investors hoped that the Federal Reserve would follow a less hawkish monetary path.

The US government announced a number of measures and said that all SVB depositors will have access to their deposits starting Monday.

Officials also said that depositors at Signature Bank, which was shut down by New York state financial regulators on Sunday, would be compensated and that taxpayers would not suffer any losses.

The dollar index, which measures the US currency against six currencies, fell 0.153% to 104.080, and the Japanese yen rose 0.34% to 134.52 against the dollar, the highest level in a month, as investors moved towards Asian currencies, which represent a safe haven.

The euro rose 0.44% to 1.069 dollars, and the latest price of the pound sterling was 1.2085 dollars, up 0.47% during the day.

The Australian dollar rose 0.79% to $0.663, and the New Zealand dollar rose 0.36% to $0.616.