The dollar is moving against the euro as traders seek safety.

The failure of SVB and the ensuing shockwaves compelled traders to reconsider their currency portfolio.

The EUR/USD made a U-turn on Tuesday morning, following three consecutive days of sharp increases. A looming banking crisis prompted currency speculators to seek the perceived safety of the greenback, prompting a notable shift in tone. The EUR/USD exchange rate fell 0.5% to $1.0680.

Currently, the banking sector is the centre of attention as global markets struggle to contain the rapidly spreading panic among American lenders. Naturally, investors shifted their focus to the United States dollar, giving the currency a boost across the board. The GBP/USD pair also declined throughout the day.

Inflation figures are likely to affect the dollar's position in the future. The monthly consumer price index is scheduled to be released later today, with investors anticipating a 6.0% increase in February, a decrease from the 6.4% increase recorded in January. Volatility should be anticipated.