EUR/USD

Euro bounced back on Wednesday as investors around the world regained confidence that Cyprus will be able to hammer out a deal with IMF and the eurozone countries.
The euro was up 0.5 per at $1.2955, bouncing back from yesterday’s $1.2843.
The single currency remains vulnerable as Cypriot parliament rejected the planned tax levy on depositors, leaving the financial world anticipating the final result of the ongoing debacle.
The ailing Cypriot economy is in dire need of financial assistance and will likely default without an urgent injection of funds into its sickly economy.

OIL

Crude rose from an earlier low three months ago, hitting $108 a barrel as hopes for a renewed stimulus package in the US were high coupled with the eurozone’s attempts to rescue Cyprus from the throes of a default.