ST: Euro gives up gains vs. dollar after Cyprus deal
LOS ANGELES (MarketWatch) — The euro fell against the U.S. dollar Monday, erasing earlier gains that came after Cyprus and its international creditors reached a bailout agreement for the euro-zone member. The euro fell to the $1.28 level, recently trading at $1.2876 compared with an intraday high of $1.3048 after Cyprus was granted a 10 billion euro ($13 billion) bailout when it agreed to levy deposits of more than €100,000 in the two of the country’s largest banks and to restructure the banks. There are “fears of implemention risk,” in part because there’s some opposition to the deal in Berlin “especially as we are less than six months away from Federal elections in Germany,” Kathleen Brooks, research director at Forex.com in London, wrote in a report Monday.
