ForexLive Americas wrap March 22, 2013: Cyprus nears solution
Forex trading headlines from Friday’s New York session:
- Cyprus to vote on 9 bailout bills tonight
- Cyprus will vote on deposit tax Saturday
- Troika now wants 6.7 billion euros compared to 5.8 billion originally – MNI
- Fitch places UK on Ratings Watch Negative
- Italy’s Bersani to hold meetings in attempt to form government
- Fed’s Raskin says rates should stay low ‘for a considerable time’
- Belgian business confidence falls to 3-year low
- Revisions to US industrial production
- Lebanon’s Prime Minister resigns
- Colombia cuts rates 50 bps to 3.25%
- S&P 500 gains 0.7% to 1556, down 0.2% on week
- EUR leads, USD lags
The euro jumped on a Reuters report saying a solution on Cyprus could be possible within hours. That pushed EUR/USD through 1.3000 from 1.2960 at the start of US trading. Details have been scant but a deal appears to be coming together. EUR/USD has spent most of the US afternoon around 1.2985.
If not for the news trickling out of Cyprus it would have been an extremely quiet Friday. The one exception was the ratings warning on the UK from Fitch. That sent cable down a half cent to 1.5190 but it slowly retraced all the losses in a positive sign for GBP.