Greece's banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse.
The dollar rose for a second day on Monday, building on a modest comeback from a two-week decline on the back of data suggesting that the U.S. economy might be stabilizing following a recent soft patch.
It’s been a slow start to the week with no major economic data released out of Europe or the U.S. today, and today’s lackluster trade has been exacerbated by the Columbus Day bank holiday in the U.S. and Canada.
Gold traders are becoming more bullish as concern mounts that a worsening of Europe’s debt crisis will spur demand for a protection of wealth at a time when nations from the U.S. to Japan are signaling more stimulus.
The European Central Bank said it may cut Cypriot banks off from emergency funds after March 25 as the island nation’s president, Nicos Anastasiades, pursued options at home and in Russia to stave off financial collapse.
The euro strengthened from a four- month low against the dollar as Cyprus sought alternatives to the European Union plan to help the nation avoid a banking collapse and the Federal Reserve maintained stimulus measures.
U.S. equity markets will reopen tomorrow after the longest weather-related shutdown in more than a century, resuming after the New York Stock Exchange was spared by Hurricane Sandy as it swept through New York yesterday.