Despite sanctions disrupting direct air connections, Cyprus continues to welcome a steady stream of Russian visitors. Despite the closure of European and Cypriot airspace to Russian aircraft, nearly 62,000 tourist arrivals from Russia have been documented up to November, according to data from the Statistical Office. Many Russian tourists are circumventing airspace limitations by traveling through third countries to reach the Mediterranean island. The resilient numbers, standing up to those from European countries with direct connections to Cyprus, illustrate a marked preference among Russian tourists for Cypriot vacations. The presence of a strong Russian community on the island could further explain the unyielding stream of Russian visitors amidst the standing sanctions.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
