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Euro spikes higher on rumors of Cyprus agreement (Bloomberg)

Posted by Akhilesh Ganti on Mar 24, 2013 8:04:00 PM

March 25 (Bloomberg) -- The euro rose versus most of its 16 major counterparts as an agreement in principle on a bailout package for Cyprus boosted demand for the 17-nation currency.

Cyprus and the so-called troika that oversees euro-area bailouts reached an agreement on an aid package that is now being presented to euro-area finance ministers in Brussels, a European Union official said. The yen weakened against the dollar before Bank of Japan Governor Haruhiko Kuroda speaks to lawmakers tomorrow.

“Assuming it is all signed off, markets aren’t likely to be fussed about the details,” Sean Callow, a Sydney-based senior currency strategist at Westpac Banking Corp., said in reference to the deal. “Euro should make a run at $1.31 in a relief rally.” The euro climbed 0.3 percent to $1.3034 as of 8:49 a.m. in Tokyo. It rose 0.8 percent to 123.70 yen. Japan’s currency lost 0.5 percent to 94.89 per dollar.

 

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