Implied overnight volatility rose to as much as 14.547% in Asian trading hours on Thursday, its highest since March 2020 . Implied vol on the dollar/Swiss franc currency pair was last around 13.3%, the highest in three months. The franc has been swinging sharply as concern over the resilience of U.S. banking system had already sent investors rushing to safe-haven assets such as the Swiss franc, before Wednesday's meltdown in Credit Suisse shares reignited a push into the U.S. dollar. The dollar traded as high as 0.9437 francs on March 8, before the troubles at failed tech lender Silicon Valley Bank sent markets into a spin. It fell as low as 0.90725 on Monday, and has since swung between those levels, rising 2.15% on Wednesday and falling around 0.5% on Thursday.
Credit Suisse said on Thursday it would borrow up to $54 billion from Switzerland's central bank to shore up liquidity and investor confidence, after a slump in its shares had intensified fears about a global banking crisis. (Reporting by Alun John; Editing by Amanda Cooper)
