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.
Money markets have changed their bets for the ECB rate hikes amid the European bank turmoil.
Markets are now pricing in a 50% chance of a 50 basis point hike in euro zone rates from the ECB on Thursday. Earlier in the day, they were pricing in a 90% chance of such move.The safe-haven dollar rose sharply with the index measuring the U.S. currency against six peers surging 0.9% to 104.65.Investors are also awaiting for the British government's budget announcement later on Wednesday.
"We doubt anything in the Budget will be sterling negative - after all taxation levels are near the limit - but equally we do not see it as especially sterling positive either," said Chris Turner, global head of markets at ING. Reporting by Joice Alves in London and Tom Westbrook in Singapore; Editing by Tomasz Janowski and Raissa Kasolowsky
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