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Session Recap: Cyprus all over the place and EUR/USD below 1.29

FXstreet.com (Barcelona) - Asian session has been all over Cyprus, starting with a plunge in EUR/USD down to 1.29 straight from Friday close around the 1.3075 level, as markets showed didn't like conditions imposed to Cypriot savers, who would have to suffer a levy on deposits from a -9.9% to a -3.5%, still to be decided in parliament. EUR/USD is last at fresh 3-month lows 1.2886, down -1.48% for the week so far.

Local share markets and US futures moved quickly to the downside as well on a new wave of risk-off with Nikkei last -2.23%, Shanghai -1.39%, Hang-Seng -2.22%, and Australian ASX -2.05%, while US bonds spiked to the upside making yields go back around the 1.9% level again, from previous Thursday's highs above 2.06%. Commodities overall fell as well with Oil down to the $92 mark from Fridays close above $93.2. Gold instead broke to the upside on the news above the $1.6k printing highs at $1608, last at $1597 again.

European markets open faces US futures currently at fresh session and 8-day lows, while FTSE and DAX futures point to a lower open down more than -1.5% each. The economic agenda looks soft for the London morning, though headlines popping up on Cyprus deals will be the norm as it has been so during the Asia-Pacific, all focused on the Cyprus bail-out.

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Agitation in Euro land as Cyprus savers face wealth destruction

The stunning move in Cyprus, where the government plans to establish a bank deposit levy to its citizens, has thrown cold water on the European common currency. The assault on the people's savings to take a percentage of deposits in between 6.75% and 9.9% has led to a rampage of spooky headlines at the European open.
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Forex: GBP/USD stable around 1.51 despite the turmoil

GBP/USD has been quite stable during the Asia-Pacific session given the turmoil going on with Cyprus bailout that has sent Euro to fresh 3-month lows. Cable is last at 1.5094, barely 20 pips below previous weekly close Friday, helped on EUR/GBP cross selling. The London session ahead will offer a blank agenda in terms of Pound related risk events, with key UK CPI at sight for tomorrow.
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