Major Currencies Respond to Cyprus News

Major Currencies Respond to Cyprus News
Major Currencies Respond to Cyprus News

Following the Parliament in Cyprus discussing a crucial debate related to a much-debated levy on the bank deposits in the country, motivating citizens to make rush withdrawals of cash, the Asian trading session on Monday observed the euro sinking against the U.S. dollar. A closer look revealed that the EUR/USD is off 1.43% at a value of 1.2890. The pair is expected to discover resistance at a position of 1.3133, the high seen in March 8, and has dropped through support at a position of 1.2998, which was Friday’s low.

Traders are keeping their focus on the important data points relevant to the EUR/USD, expected later during the week. There were also records that the EUR/JPY had dropped 1.94% to 122.22.

With news about the postponement of the important debate in Cyprus, the Australian dollar was also observed to be trading at a lower position with reference to the U.S. dollar. The Asian market on Monday was the AUD/USD dropping 0.60% to 1.3051. The pair is anticipated to come across support at a position of 1.0286, the low seen from March 14 and discover resistance at 1.0456, the high position observed from February 5. AUD/USD advanced 1.64% during the previous week. The delay presented by the Cyprus’ Parliament also impacted the trends of the EUR/AUD, which fell 0.75% to 1.2466.

Monday, the Asian trading session saw the U.S. dollar at higher trading positions with respect to almost all of the other major players in the currency market. The market also indicated that the EUR/USD dropped 1.28% to a value of 1.2910 as reports of a levy on bank deposits in Cyprus motivated traders to search for assets that prove to be better safe-havens.
USD/JPY dropped 0.46% to a position of 94.88. That decrease comes following the USD/JPY falling 1.39% during the preceding week. Japanese markets are seen to be closed due to a public holiday for the initial 3 days of this week.

GBP/USD positioned lower by 0.19% at a value of 1.5083 following the pair settling at 1.36% ahead during the previous week. USD/CHF is ahead 0.55% at 0.9442 whereas the USD/CAD is positioned higher by 0.46% at 1.0242.