The European Union has decided to rescue Cyprus from it’s monetary pit.
Though there are still kinks to be worked out, the markets have not been slow in reacting.
Sunday’s open saw gaps in the Forex market with the EURUSD opening around 175 pips lower than it’s close. With this, the Euro briefly found itself below 1.29 where it could find itself again in the near future if U.S. Dollar strength continues.
What does this mean for my Forex trading?
This means, stay alert. If you have Euro trades open, be careful because the market’s volatility, even from this initial news announcement, could continue.
We can look forward to seeing an interesting FOMC meeting and statement on Wednesday which can surely influence the EURUSD.
Note: Cyprus is the fourth of 17 eurozone states to be given.
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