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US markets trim losses after a grim start on Cyprus

FXstreet.com (Barcelona) - Shares in the US markets are recovering ground on Monday after a gloomy start, as negative effects from Cyprus’s bailout continue to weight on investors’ sentiment. The US dollar posted an important opening gap above the 83.00 figure, although it has been grinding lower since then to the current levels around 82.83
DowJones is losing0.03%, followed by the Nasdaq and the S&P500, down 0.11% and 0.23%.

Red was the predominant colour in Europe, as markets extended its losses for the second consecutive session as jitters on Cyprus dominated the markets. The iBEX 35 led the losses, 1.29%, seconded by the FYSE100, 0.49% and the cac40, 0.48%.
After dipping to fresh 2013 lows around 1.2880, the single currency has managed to regain the key resistance of 1.2900 and to climb further to the vicinity of the 1.3000 handle, although the bull run faltered and the euro slipped back to the current area of 1.2965/70

Commodities reversed initial losses, with the barrel of WTI now gaining 0.29% at $93.72 and the ounce troy of the precious metal up 0.70%, at $1,603

Forex: NZD/USD eases to 0.8251/55

The NZD/USD has fallen off its session highs in recent moments (0.8266), having eased nearly 10 pips to trade at 0.8251/55 at the time of writing during US trading. At this juncture, the cross is still trading positively at +0.23% above its opening Monday.
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Forex Flash: USD/CHF expected to reach parity by year-end on Eurozone concerns – Goldman Sachs

The Swiss franc has been a clear beneficiary of events in Cyprus as risk premia abounds in the Eurozone. According to the UBS Research Team, “Domestic clients in Switzerland have steadfastly refused to buy the EUR/CHF even though the cross has traded in a more volatile manner this year above the Swiss National Bank's minimum 1.2000 target floor.”
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