BECKHAM
24-03-2013, 01:10 AM
The Euro, which has held up surprisingly well in the face of troubles in Cyprus and weak data out of Germany, traded as high as 1.3011 Friday. Traders are optimistic that a compromise in Cyprus is imminent on statements by top officials saying they are “cautiously optimistic” a deal can be reached. However time is of the essence as the ECB has said they will cut off the emergency funding that has been saving the largest banks in Cyrprus from collapsing. Cypriot Finance minister Michalis Sarris also said a deposit levy is definitely back on the table right now after Russia refused financial aid.