Bell FX, CMC Markets Currency Outlook: The Australian Dollar was well bid in overnight trading, particularly against the EUR, as initial optimism over the Cyprus bank bailout plan gave way to concerns about what it could mean for other European economies. Nonetheless, this does not remove the cautious stance of most investors leading into the Easter holiday.
Australia: The market reaction to the Cyprus bailout has been relatively muted, with some details yet to be clarified. The markets have taken the view this is a Europe-centric crisis which by definition won't negatively impact the broader global recovery in 2013, Leanne Terrett, Bell FX analyst for FX Administration and Dealing, said in an emailed note.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
