Euro struggles boost yen

Currencies Direct March 22nd 2013 - < 1 minute read

The euro is down against the yen
today as crisis talks continue in Cyprus.

By late Asian trade the
common currency
was down 0.1 per cent at 122.28 yen, having
stooped as low as 121.88 during the day.

The single currency fell also fell
against the dollar, stooping as low as $1.2888 during the day but
stabilising at $1.2903 by close of trade.

Crisis talks continue in Cyprus
after the parliament formally rejected the terms of an EU bailout
deal that included a tax of 9.9 per cent on savings in the island’s

To be eligible for a €10 billion
(£8.5 billion) rescue deal, Nicosia needs to find €5.8 billion in
new money by Monday.

Hopes that Russia might offer the
country an emergency loan were quashed last night as the Cypriot
finance minister returned from Moscow empty-handed.

Russian banks and citizens have
large stakes in Cyprus’ financial institutions, but The Kremlin has
said that it will not prop up the island’s ailing economy.

Written by
Currencies Direct

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