The EUR is trading lower against the USD and the JPY, paring earlier gains, as Cypriot lawmaker, Nicholas Papadopoulos, stated that the country must explore the benefits of exiting the Eurozone following a bailout deal agreement with the Troika. The EUR also weakened after Jeroen Dijsselbloem, the head of the Eurogroup finance ministers, stated that Cyprus’s bailout deal could be a new template for resolving the Euro area banking problems and that other countries might have to restructure their banking sectors. Meanwhile, investors are keeping an eye on the Federal Reserve chairman, Ben Bernanke’s speech later in the day. The EUR is trading 1.9 percent, 1.3 percent and 0.6 percent lower against the JPY, the USD and the GBP, respectively.
SAXO BANK