The euro rallied on Wednesday from a four-month low hit against the dollar in the previous session, as worries about Cyprus eased with some investors convinced the debt-plagued country will be able to hammer out a deal to avert a default.
Some strategists also said the European Central Bank's assurance on Tuesday that it was committed to providing liquidity to Cypriot banks within certain limits had helped curb euro losses. "Markets in Europe are used to getting a solution at the very last minute," said Lutz Karpowitz, currency analyst at Commerzbank.
In London, British finance minister George Osborne, in his annual budget presentation, said on Wednesday Britain will borrow more in the coming years than official forecasts showed in December and will miss one of its two debt targets by another year.
EU-Digest
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