The Cyprus 'rescue' effort has revived the market's fear of systemic risk in the Eurozone's financial system. These fears are blatant enough in EURUSD volatility; but if they were truly rooted, why has the pair not committed itself to a lasting run towards 1.2500 or lower? Though the thought of applying Cyprus' very unpopular levy on bank deposits to other Euro-area countries sends a cold shudder through the region, it has not set off a scramble to exit the broader market. We discuss this, the influence of the BoJ's April rate decision on USDJPY trend development and other topics in today's video.
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