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Forex Flash: Majors stumble on Euro woes - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that the majors stumbled against USD on Wednesday as Cypriot/Italian concerns continued to boil over with EUR leading the way lower.

He adds that the poor response to an Italian bond auction underscored the ongoing political uncertainty as efforts to form a coalition government. On this front, he notes that center-left leader Bersani is due to go before the President regarding the outcome of the political negotiations today. Meanwhile, Cyprus is due to reopen its banks today while the central bank also unveiled capital control measures to forestall a bank run. Meanwhile, with risk appetite waning, Ng adds that JPY also found favor across the board. Looking ahead, he notes that markets may continue to view the disappointing Italian bond auction as a reflection of the generalised caution towards the Eurozone´s current environment and this may continue to see the Euro fighting to stay afloat.

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