Forex - EUR/USD, EUR/JPY Flows: EUR hit 1-wk highs on Cyprus deal; eye 1.3100; Nikkei 1.9%,

Published at 04:44 (GMT) 25 Mar 


EUR, EUR/Crosses remain supported on news of Cyprus-Troika bailout plan. Received positively so far - in sharp contrast with last weekend's bank levy - which saw EUR panic sales and stocks fall. EUR/USD hit 1-week highs of 1.3050, up from 1.2987-90 on hopes the bailout plan will avert the collapse of the banking system and take contagion risks off. And morning lows around 1.2941. EUR/USD bids at 1.3020-30 now, offers at 1.3080-00, eye break of 1.3100.

EUR/JPY up at 123.66-70, off highs of 123.83-85 seen earlier, vs 122.87-90 before the deal and morning lows around 122.10. Eye break of 124 handle as macro funds, US houses, models, European names buying. Japanese banks offers at 123.80-00, USD/JPY offers from Japanese exporters at 94.90-00, but stops above 95.10-15 as Cross/JPY supported by improved risk appetite. On Cyprus front and with PM Shinzo Abe calling for bold BoJ easing to achieve 2% inflation target as soon as possible. Nikkei +1.9%. EUR/JPY eye 125.00, USD/JPY 95.50. WL

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