EURO
The botched attempt to rescue Cyprus weighs heavily on ECB and its chairman Mario Draghi who is
expected to provide answers and a possible Plan B as the ECB meets on Thursday. Investors are not
holding their breaths as the eurozone has shown itself to be a poor fiscal act with policies largely
dictated by domestic politics and not sound fiscal policies. Draghi’s ECB is expected to cut interest rates
to revive the ailing eurozone, but such policies are short term and most investors understand that
more radical approaches are currently in demand. The euro strengthened slightly against the dollar and
reached 1.2811 during European early morning trading hours. Sentiment on the euro remains fragile
and Draghi’s verbal antics will likely make or break the euro in short-term.