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25.03.2013 12:42

European session: the euro erased a gain versus the dollar

09:30 United Kingdom BBA Mortgage Approvals February 32.3 33.6 30.5

The euro erased a gain versus the dollar after touching the highest level in more than a week on concern political wrangling about the deal to bail out Cyprus has undermined faith in Europe’s financial system.

The 17-nation currency weakened against most of its 16 major peers after the provisional agreement that would make Cyprus the fifth country to tap a rescue since the euro crisis began in 2009. The bailout accord will see Cyprus Popular Bank Pcl wound down, wiping out bondholders, and will impose losses on some depositors at Bank of Cyprus Plc.

The Cyprus accord spares bank accounts below the insured limit of 100,000 euros. It imposes losses that two European Union officials said would be no more than 40 percent on uninsured depositors at Bank of Cyprus, which will take over the viable assets of Cyprus Popular Bank.

The first accord, reached March 16, fell apart three days later when the parliament in Nicosia rejected a key plank, a tax on all bank accounts that sparked the indignation of smaller depositors. Lawmakers in Cyprus voted last week to impose capital controls to prevent a run on deposits when they reopen.

The British pound fell against the U.S. dollar on the background data for the approved applications for mortgage BBA, the number of which was reduced to 30.5 million in February vs. 33.6 thousand and 32 thousand in January. Companies and homeowners the UK in February to pay their debts, and the amount of borrowing from large banks remained fairly low.


EUR / USD: during the European session the pair fell to a new low of $ 1.2949


GBP / USD: during the European session the pair fell to a new low of $ 1.5191

USD / JPY: during the European session the pair fell to Y94.58, but later rose to Y94.93


At 15:45 GMT a speech Deputy Managing SNB Jean-Pierre Dantin. At 17:15 gave a speech Fed chairman Ben Bernanke and Bank of England Governor Mervyn King. At 21:45 GMT New Zealand will release the trade balance (for 12 months, from the beginning of the year) and the trade balance for February.

25.03.2013 12:09

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