ForexLive European morning wrap: Euro gives up much of its gains in quiet session

The forex trading headlines for the european morning session Market treads warily after cyprus bailout deal Moodys keep France on negative outlook despite " improvements" Euro falls as europe opens up. EURUSD capped by strong offers at 1.3050-70 Chairman of cypriot finance committee believes large depositors will lose 30% Italian consumer confidence march  85.2 vs 85 exp  86 prev UK BBA mortgage approvals 30.5k vs 33.5 exp  32.3k prev Italian non-eu trade balance feb +0.704 bln euro vs -2.28 bln prev Cyprus  capital controls to be short-lived says head of eu regulation Putin orders russian govt to discuss the restruturing of existing loan A really quiet session for the most part with little in the way of rhetoric and data and with traders unsurprisingly not sure of what to do next,  and so the unwinding of the post-bailout move seemed as good as any. EURUSD ran into offers at 1.3050, with more seen just above t 1.3070, and that was enough to start a retracement all the way back down to support at 1.2985. Talk of asian sovereign name being a heavy seller through 1.3030. Decent support of out of european names held the fall and we rebounded to 1.3020 where sellers once again emerged. Early new york seen to be taking it lower as I type with 1.2970 being posted. Cable has had a quiet morning once the rally petered out at 1.5260 and it too fell back to 1.5200 where it's spent most the morning. EURGBP has naturally fallen back from its 0.8561 highs but finds support at 0.8525 for the moment. AUDUSD broke up through 1.0475 where a reported barrier option was in place and has posted 1.0479 high ahead of strong sell interest between 1.0490-00. USDJPY came down with the EURUSD/EURJPY sell-off but has since risen again to test strong sell interest between 94.95-95.00.