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US markets in red on Europe woes

FXstreet.com (Barcelona) - Shares in the US markets are trading on the back foot on Thursday as fears on Europe are building up and weighting on sentiment. Developments in Cyprus continue to be on the centre of attention ahead of talks between the Government and EU officials. The greenback, measured by the US Dollar Index, is grinding lower and navigating below the 83.00 figure.
DowJones is down 0.54%, seconded by the Nasdaq and the S&P500, down 0.88% and 0.66%, respectively.

With Cyprus as a leitmotif, markets in Euroland closed in a ‘sea of red’. Softer-than-expected PMI prints in the euro area and in Germany have also added to the downbeat in sentiment, dragging markets lower. The CAC40 led the losses with 1.43%, followed by the DAX, 0.87% and the IBEX35, 0.77%.
The single currency is meandering around 1.2900 against the backdrop of rumours coming from Cyprus, bouncing off lows around 1.2880 on worrisome PMI data.

Commodities are trading mixed, with the WTI losing 1.11% at $92.47 and the ounce troy of the precious metal advancing 0.41% at $1,614

Forex: USD/CHF eases to 0.9460/62

The USD/CHF has been operating sporadically throughout the day Thursday after earlier news on the Cypriot ultimatum via the ECB sent shockwaves through currency markets. With the EUR and prospects in the Eurozone under siege, this led the pair to rise steadfastly during European and American trading. However, in recent moments, the cross has descended 15 pips to trade at 0.9460/62 presently. Despite this easing however, the pair remains in positive territory, up +0.17% from its opening.
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Dimitriadis presents a resolution process to the Cypriot Parliament

The Cypriot Central Bank governor Cyprus Panicós Dimitriadis has announced a bank restructuring plan that will allow banks to reopen on Tuesday. Dimitriadis said on Thursday that the bill would protect bank deposits up to €100K according to sources.
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