US Dollar firm as First Republic gets closure – BBH – by eren_fxstreet DollarIndex Majors Banks CentralBanks
"We finally have some closure on First Republic; the deal clears the deck for global monetary tightening to continue unabated," not analysts at BBH."The dollar is firm as First Republic gets closure. DXY is trading higher for the third straight day just below 102 as the deal should help dial down banking sector risk in the U.S. With most of Europe on holiday, the euro is trading lower near $1.10 and sterling is trading lower near $1.2520.
"After marathon talks, regulators seized the troubled bank and will sell the bulk of the assets to JPMorgan Chase. JPMorgan will assume all of First Republic’s $92 bln in deposits as well as most of its assets, including nearly $175 bln in loans and $30 bln in securities. In order to help facilitate the deal, the FDIC will share losses on Frist Republic’s loans and estimated it would see a $13 bln hit from the deal. While the deal leads to even greater consolidation of the U.S.
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