Wednesday saw the common currency of the European Union lose value against the world's reserve currency as concerns grew about Cyprus' road ahead with bailout aid, Bloomberg reports.
For the first time in more than four months, the 17-nation monetary unit fell lower than $1.28. Cyprus is readying to release information about how it will deploy capital controls when its banks re-open on Thursday.
"After the deal for Cyprus there is concern about what would happen if another country were to ask for financial help," currency strategist Niels Christensen with Nordea told Reuters on Wednesday. "It is difficult to point at positive factors for the euro … We need good economic data from the euro zone to support the euro going forwards, and people fear that this is not very likely."
Regional economic confidence dropped this month, which also burdened the Wednesday performance of the shared currency.
The nation's effort on Wednesday is crafted to prevent damages from taxing banks with deposits as the country agreed to terms and conditions to accepting international bailout aid, according to Reuters.
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