Asian Stocks Rebound Despite Cyprus Fiasco

Almost $50billion was wiped out from global equity markets after concerns that the Cyprus bailout situation will reinstate the eurozone back in the throes of financial crisis. In yesterday's busy trading, Asian stocks bounced back by the end of the session after plummeting earlier in the day.

The vote has been delayed until today, as the announcement of the proposed bailout caused depositors to withdraw money from cash machines. The banks in Cyprus have been closed for a few days. This morning the EUR was trading at USD1.2942 in European session, dropping off from its highest level 0f 1.2970 against the dollar. Meanwhile EURO STOXX 50 futures lost 0.4 per cent.

It is now up to the Cypriot lawmakers to vote for the deal which could bring in EUR5.8 billion towards the revenue target. Citizens of Cyprus woke up on March 16 to find that account transfers had been frozen, in readiness for the tax levy to be removed from bank accounts. An extended bank holiday has been called to stop depositors withdrawing all of their funds from the banks. The parliament vote is at 6pm today local time, after having been delayed twice.

Stocks Binary Options Analysis:
The Nikkei 225 in Japan finished 2.06per cent up after the JPY weakened in turn boosting exports. The Hang Seng gained by 0.52 per cent before rebounding to close 0.12 per cent down. Australia’s ASX 200 finished down 0.56per cent after the Reserve Bank of Australia release which showed that the health of the economy is being affected by the interest rate which is at its lowest level in fifty years. The minute s also showed that the Reserve Bank even then were ready to further reduce the interest rate if necessary.

European stocks were trading down this morning on concerns of the bailout in Cyprus. The EURO STOXX 50 lost 0.29 per cent, CAC 40 lost 0.34 per cent and German DAX 30 was down 0.36 per cent

Forex Binary Options Analysis:
A tumultuous day for the currencies yesterday, which finally calmed down in the Asian session. The two pairs that most stood out though were the USDJPY which were up by 0.34per cent to touch 95.75 during late Asian session and the AUDUSD which were -0.19 per cent following on from the comments by Dep Governor Dr. Lowe that the stronger Aussie dollar has been good for the health of the economy.

The UDIX – USD Index was up 0.15per cent today at 83.00.

Commodities Binary Options Analysis:
Gold today managed to hold on to their 3 week high ahead of the Fed Reserve policy meeting. Gold for April delivery was trading at $1603,10 during European session.

Crude oil crept up in the overnight session following on from reports from Saudi Arabia that the prices will not negatively affect global economic growth, perhaps not seeing a reason to increase oil output over the short term. Sweet crude for April delivery gained 0.09per cent to $93.82 barrel.

Today for Binary Options Trader:
Investors the word over will be keeping their ears open for news of the Cyprus bailout vote at 6pm today Cyprus time and of course for any updates. Meanwhile a host of important economic data should boost the Euro markets today including the CPI, RPI and PPI from the UK. ZEW economic sentiment for Eurozone and also Germany should be watched. Then the manufacturing and wholesale sales from Canada and housing form the US later in the day.