Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Euro Climbs After Cyprus Bailout Deal

Monday, March 25, 2013 8:49 AM
The euro soared against all major traded currencies on Monday after the Cypriot government reached a last-minute bailout deal with the Troika (the European Central Bank, European Union and the International Monetary fund) on Monday, averting possible banking sector collapse in the island nation. Earlier on Monday, the Cypriot government agreed to restructure its overstretched banking system by winding down its second largest bank, the Popular Bank of Cyprus, also known as Laiki. All deposits below euro 100 will be shifted to the bank of Cyprus, while unsecured deposits above euro 100,000 will be taxed, generating euro 4.2 billion. In return, the troika will provide euro 10 billion in financial assistance. During the Asian trading hours on Monday, the single currency of the 17-nation monetary union climbed as high as $1.3050 from $1.2989 late Friday in New York, according to EBS. According to the Wall Street Journal the euro traded at $1.3037 as of 0450 GMT. The euro soared against the yen 123.85 in Asian trading hours from 122.75 on late Friday. By afternoon, it traded at yen 123.70. The euro was under constant pressure last week after the Cypriot parliament downrightly rejected the EU’s proposal of taxing all deposits by flat rate of 9.9%. Later, The ECB’s warning that it will stop financial aid to Cyprus should it fails to reach a deal by Monday, fanned fears of possible financial system meltdown in Cyprus (in case no deal is made). Still, experts are not convinced that euro zone is completely out of woods. Speaking to the Wall Street Journal,  Shuichi Kanehira, head of FX spot trading at Mizuho Corporate Bank said, “Not everything is rosy even though there is now a deal over Cyprus. There are still concerns over Italy and euro-zone fundamentals that could weigh on the euro.”
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

China stocks retreat despite new moves to stave off crashChina stocks retreat despite new moves to stave off crash
SHANGHAI (Reuters) - Chinese stocks fell on Thursday in another highly volatile session even as regulators intensified efforts to put a floor under the sliding market. Before the market opened, Chin...
Asia shares subdued by Greek anxiety, dollar stands tallAsia shares subdued by Greek anxiety, dollar stands tall
TOKYO (Reuters) - Asian stocks were subdued on Thursday as Greece`s refusal to back down in a standoff with its creditors kept most markets on edge, while the dollar got a boost from upbeat U.S. eco...
ArcelorMittal Mexico unit to slash 2,800 jobs ArcelorMittal Mexico unit to slash 2,800 jobs
MONTERREY (Reuters) - ArcelorMittal, the world`s largest producer of steel, will cut 2,800 jobs at its Mexico unit as global prices slump, it said in a joint statement with local competitors on Wednes...
Asia stocks rise for third day though Greece, China concerns weighAsia stocks rise for third day though Greece, China concerns weigh
HONG KONG (Reuters) - Asian stocks advanced for a third consecutive day and the greenback advanced on Thursday helped by upbeat U.S. economic data though weak Chinese stocks and Greece`s standoff wi...
Oil prices stabilize after sliding on U.S. stock buildOil prices stabilize after sliding on U.S. stock build
SINGAPORE (Reuters) - Oil prices steadied on Thursday after the main crude benchmarks tumbled 2.5-4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high pro...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.