US stocks fell on Monday on fears that decreased manufacturing activity will show an overall slowdown of the nation’s economy in the coming quarter, if not longer. Concerns about the upcoming non-farm payroll report, due out this coming Friday, is also a contributing factor in the decline in stock prices and an expected slow in trading volumes this week. In Tuesday’s trading, the dollar hit a one-month low against the yen, hitting 92.96, while the euro traded at 119.69 against the yen, a low that hasn’t been seen since late February.
In Asian trading, Japanese shares fell in advance of the Bank of Japan meeting later this week, the first since Governor Haruhiko Kuroda took office. The yen rose against all 16 of its common trading partners on Tuesday, and Governor Kuroda has maintained that he will take any necessary action in order to beat deflation.
Meanwhile, in Cyprus…
In advance of a meeting of European financial officials later this week, members of Cyprus’s government will attempt to achieve easier bailout terms from the EU and IMF. The government is hoping for more time to reach the benchmarks stipulated in order to receive the 10 billion euros the country desperately needs. The most recent version of the country’s bailout agreement outlines a deficit of 2.4 percent of the GDP in 2013, while targeting a surplus of 4 percent in 2017. The country also faces revenue increases and budget cuts totally about 351 million euros.