The euro has fallen to its levels since November
The euro has fallen to its lowest level in almost four months today, pressed by the vague fate of rescue aid for Cyprus. The single currency retreated against the dollar and the good news about the US construction sector. After the euro was moving with a minimum retreat against the dollar all day long, the single currency went down sharply after the rumor that the Cypriot Finance Minister had resigned. This caused sales and dropped the pair to 1.2855 EUR / USD – the lowest level since the end of November. Subsequently, rumors were disproved, but this did not lead to the loss of losses. The reason is the opposition of Cypriot MPs with the proposed plans to impose a tax on all deposits in the country. The refusal of the EU plan is likely to block further talks on rescuing the island state with a € 10bn package. Source InvestorBG
