Euro stabilizes after initial post-Cyprus sell-off.

Euro stabilizes after initial post-Cyprus sell-off.

The euro was sold across the board on Monday morning as markets feared contagion after the 'haircut' on Cypriot deposits. However, the correction on risky assets in Europe and the US developed in an orderly way and this prevented additional follow-through losses. The Cypriot event risk will continue to set the tone for euro trading today