Heading into the European session, currency markets were seen to remain slow moving with most major currencies hovering around the same price.
The main focus of the market today is definitely the news about the purchase of Silicon Valley Bank (SVB) by First Citizens Bancshares which is seen as a good development.
First Citizens reportedly purchased all of SVB's loans and deposits and gave the Federal Deposit Insurance Corp (FDIC) equity rights in its shares valued at $500 million in return.
It indirectly eased some concerns in the market and helped sentiment to improve earlier in the week.
However, the currency market still did not show a significant reaction following the news, instead European stocks opened positively at the opening of trading today.
The US dollar traded steady, holding on to gains posted after rebounding from late last week's lows.
Meanwhile, the euro was little changed after being shown by German business climate data from the Ifo survey which showed a better-than-expected increase in March.
The pound traded flat after falling on Friday due to lackluster UK manufacturing and services PMI data.
Risk-sensitive currencies, the Aussie and New Zealand dollars also remained hovering around the same price following the decline recorded last week.
In addition, the safe-haven yen declined slightly amid stronger US dollar trade.
Overall, investors will likely wait for the opening of the New York session for a clearer currency direction, especially the US dollar.
