SVB Financial Group files for bankruptcy, stocks end lower after a crisis in banking sector

Published Tue 21 Mar 2023 01:57 by Market Analyst

Significant events to watch:

-USA (USD): Fed interest rate decision

-SWISS (CHF): SNB Interest rate decision

-NEW ZEALAND (NZD): GDP QOQ

USA (USD): FED INTEREST RATE DECISION – Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The current is set to 4.75%.

The report is due Wednesday, 22 March at 18:00 GMT

SWITZERLAND (CHF): SNB INTEREST RATE DECISION – Swiss National Bank (SNB) governing board members come to a consensus on where to set the target range for the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The Swiss interest rate was set at 1.00%.

The report is due Thursday, 23 March at 08:30 GMT

UK (GBP): BOE INTEREST RATE DECISION – Bank of England (BOE) monetary policy committee members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The BOE has set the interest rate at 4.00%.

The report is due Thursday, 23 March at 12:00 GMT

Risers and Fallers

-Microsoft Inc. (+1.17%)

-Dow Jones (-1.19%)

-Gold (+3.68%)

-EURUSD (+0.59%)

Microsoft Inc. (NASDAQ: MSFT) – Microsoft Inc. gained 1.17% on Friday, closing at $279.43 per share. The stock reached a daily high and low of $283.33 and $276,32, respectively. Microsoft is planning to bring ChatGPT technology to MS Word, Excel, and Outlook.

Dow Jones – The Dow Jones declined 1.19% on Friday to reach 31,861 at the close of the market. The banking sector is in crisis, leading to stocks declining, ending the week on a loss.

Gold – Gold increased 3.68%, amidst a crisis in the banking sector. Stocks fell leading investors to move their funds to gold. Gold futures closed the week at 1993.70.

EURUSD – The Euro gained 0.63%, closing at 1.0668. The pair reached a daily high and low of 1.0685 and 1.0605, respectively.

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