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Markets  |  March 25, 2013 08:15:00

Early commentary on the EUR / USD and Cyprus


iPoint.cz Cyprus at night could agree with its international creditors and politicians managed to save the country from bankruptcy. According to the terms of the Agreement shall be taxable only uninsured deposits over € 100,000 in the bank "Popular Bank." This tax would bring in revenue around € 4.2 billion, which is a sufficient guarantee to the lender. Eurogroup chief Jeroen Dijsselbloem announced that deposits under € 100,000 will be protected and converted into the largest bank "Bank of Cyprus."

Cyprus in return receive 10 billion euros from the European Union, the European Central Bank and the International Monetary Fund.This resolve came really worth five minutes of twelve, because Cyprus was offered last chance of salvation. Cyprus managed to get out of a difficult situation after the domestic parliament dropped from the table the initial loan proposal and Russia have turned back. Before a small island will now become a very difficult task, the implementation of which it will make the European Union and Cyprus must restructure their banking.

Cypriot banks remained closed for the past week and should start working again since Tuesday. Central Bank of Cyprus decided on a temporary 100 euro daily limit for cash withdrawals from ATMs. Small country, which contributes 0.2 percent to the European economy, so she got a chance to get back on track.

Eurodollars during the Asian session strengthened by 0.5 percent in response to the good news from Cyprus. He could not get over the top decreasing trend channel line, which still refuses to sell-off. By closing below the 1.30 would probably Eurodollars ensure continued bearish trend and further weakening. The nearest support price remains 1295.

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