SINGAPORE, March 17 Reuters The U.S. dollar slipped on Friday after authorities and banks moved to ease stress on the financial system, taking the heat off most major currencies that tumbled this week in the wake of bank turmoil.

Action to rescue First Republic Bank in the U.S. on Thursday boosted risk appetite globally on Friday as fears of a global banking crisis eased, making way for surges in the Australian and New Zealand dollars.

The antipodean currencies are traditionally shunned in times of risk aversion.

The Aussie jumped 0.76 to 0.6708 in Asia trade on Friday, while the kiwi rose 0.69 to 0.6239.

With oversight by authorities, large U.S. banks injected 30 billion in deposits into First Republic, which was caught up in a widening crisis triggered by the collapse of two other midsize U.S. banks over the past week.

The move followed Credit Suisse39;s announcement earlier on Thursday that it would borrow up to 54 billion from the Swiss National Bank, after the central bank threw a financial lifeline to the embattled Swiss lender.

Credit Suisse had similarly become embroiled in widespread contagion following the implosion of U.S.based Silicon Valley Bank SVB, which resulted in a 30 plunge in its shares earlier in the week.

But even as the market rout stoked fears about the health of Europe39;s banks, the European Central Bank ECB went ahead with a hefty 50basispoint rate hike at its policy meeting on Thursday.

ECB policymakers sought to reassure investors that…