The European currency strengthened against the Swiss franc after falling for seven days over the ECB today confirmed its commitment to offer funds to Cyprus "in accordance with the rules" after the Cypriot parliament rejected a new levy on bank depositors. The dollar index weakened before the Federal Reserve announced its policy decision at the end of the meeting for two days. The pound rose against the dollar after the Bank of England minutes showed bwah Governor Mervyn King outvoted in an effort to expand the stimulus.
"The ECB statement is that they will provide more liquidity, which means the extra time to re-negotiate for Cyprus, it gives a positive sentiment for the time being," said Lutz Karpowitz, currency analyst at Commerzbank AG in Frankfurt. "For there is still room for further negotiations, the market is relatively more relaxed. If it was thought better that the absence of a solution, it would be the weakness for the euro. "
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