AUD/USD is higher on the day by some 0.75% after rising from a low of 0.6644 to score a high of 0.6710 on Tuesday. A risk on appetite is supporting the high beta currencies such as the Aussie. Investors have taken solace from First Citizens BancShares' agreement to buy all of the failed lender Silicon Valley Bank's deposits and loans.
US regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens shares jumped more than 53% during Monday trading on Wall Street.
The package includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC.” “In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc., Raleigh, North Carolina, common stock with a potential value of up to $500 million,” the FDIC said in a release.
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