1013 GMT According to MUFG Bank, the euro is rising as investor confidence towards European bank equities improves. 
Euro Gains as Attitude Toward European Bank Stocks Improves



According to MUFG currency analyst Lee Hardman in a note, the change in attitude came after EU regulators commended Swiss authorities' efforts to maintain financial stability and gave comfort to bondholders in the UBS acquisition of Credit Suisse. "Yield spreads moving in favour of Europe over the U.S. are also supporting the adjustment higher in the euro against the dollar." As a result of worries about the soundness of the banks, U.S. yields have decreased more than yields in the eurozone, according to Hardman. According to him, the EUR/USD could gain more strength if the Federal Reserve waits until Wednesday to raise interest rates again due to the recent banking turbulence. USD/EUR increases 0.2% to 1.0745. (renae.dyer@wsj.com)

Dow Jones Newswires.

2023-03-21 06:13 Eastern Time (10:13 GMT)