EUR/USD (a 4-hour chart)
Moody's lowered the rating of the largest Cypriot banks and the Bank of Cyprus by 2 points, as analysts expect big losses from uninsured deposits in the coming months.
At the same time, the EU, the ECB and the IMF issued a joint statement saying that the government is ready to implement all the measures necessary to restore economic growth in Greece in 2014.
The recent growth is the result of the closing short orders by the investors, said Shahab Dzhalinus of UBS.
It is necessary to take into account the fact that the net short euro positions in the futures market was 8.3 billion dollars, even after the Bank of Japan introduced its new program to stimulate economic growth.
Now when concerns about China's GDP growth slowing investors once again started to buy euros and sell the commodity currencies. Pound