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I’ve noticed that as well. This could end being a non-event.

If the Czechs I’ve talked to about this are indicative of general European sentiment, it’s not a big deal to them.

The rationale is - the Cypriots made a deal with the devil when they agreed to become a money-laundering center for the Russian mob. They knew damned well where this money was coming from, and they should count themselves lucky they’re only taking a ten percent hit. The Cypriot banks were offering interest rates of almost 20%. If something sounds too good to be true, it is.

On the periphery, there might be some issues...certainly the Greeks will get nervous, and possibly Spanish and Portugese savers as well.

This may well have been a one-off. And it’s entirely possible that markets figure that for Cyprus, this deal, while bad, is better than the entire Cypriot banking system going insolvent. Would you have rather have 90% of something, or 0%? That 0% is what the average Cypriot would’ve been left with if the entire banking system there collapsed, and a systemic failure of the banking sector was forecast to occur in May of this year.

You're not looking at the right mkts OR at the right time, mate. As I type this, EUR is down 2.2% vs JPY, 1.0% vs USD, 1.1% even vs. Sterling. Bar some sort of fluke, the price of Brent tonight will be higher, too, something like 1.5% (in dollars; more than that in Euros).

The DAX and CAC are going to take a ferocious beating tomorrow. Kickoff is 3 AM US time...in other words, crude and Euro shares aren't even open yet.

Never cite "what markets are doing" when most of them aren't even open, ok?

Cyprus is no more and no less than a trial balloon for the EU and its banking cartel masters to see if it can get away with outright confiscation of depositors' funds. The rubbish about Russian "hot money" and "oligarchs" is just that: rubbish. The Russian "hot money", the vast bulk of it at least, has been on its way to other jurisdictions for at minimum 60 days.

Good trading to you...but DO NOT be long EUR this evening into tomorrow. Likely, US Trasheries (that's 'bonds', for those in Rio Linda) will do nicely tonight, as will Brent crude. Gold/Silver? Either direction, whichever way fear and greed push them, esp. tonight. I would **GUESS** higher, but would not trade them on the basis of a guess.

Short EUR vs anything tonight, long Brent at least until tomorrow noon, long US 10-years. Short DAX and likely also S&P (better still, buy 30-day puts on them).

And sleep very, very soundly.