USD trades broadly higher on weak risk appetite and continued focus on banks. Investors face another difficult day, economists at Scotiabank report.

Focus on European banks

“Weak Credit Suisse shares (down 21% to a new, record low following news that its top shareholder ruled out more assistance for the bank) has emerged as a key driver of sentiment.”

“The plunge in CS shares has prompted a drop in global stocks, particularly European banks, and a jump in the USD.”

“It looks like another difficult day for markets and investors.”