EUR/USD (a 4-hour chart)
Euro tried to resist on Monday, while Cyprus hopes to sell 400 million EUR «surplus» gold reserves for the contribution 7 billions EUR required for getting financial help in 10.0 billion EUR. Still euro may not be maintained in a narrow range of the previous week as European politicians support the reactionary approach to address the risks of monetary union.
Despite the ongoing crisis in Cyprus German Finance Minister said that there is no additional financial requirements " for the peripheral countries," and made an attempt to talk about the threat of leaving the euro zone. Although the euro area is expected to return to growth at the end of this year, the government, acting within the framework of the single currency may seek further external support in the coming months to bring its house in order.
European finance ministers and central bankers prepared for the meeting of G20 18-19 April, the group can be located under increased pressure to adopt a more aggressive approach in dealing with the risks of the region, and we can see that a growing number of officials from the European Central Bank show a greater willingness to ease monetary policy as well as the economic downturn threatens price stability.