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Nicos Anastasiades winner of first round of elections in Cyprus

Debt stricken Cyprus held the first round of presidential elections on Sunday in which pro-bailout candidate Nicos Anastasiades secured over 45% of votes, while two anti-bailout candidates Stavros Malas and George Lillikas saw a 26.9% and 24.9% support, respectively.

The runoff election will take place on 24 February and right-wing Nicos Anastasiades is expected to defeat left-wing Stavros Malas.

The newly elected president will have to face a difficult task of mending the distressed country’s economy. Bailout negotiations with international lenders, halted after outgoing communist president Demetris Christofias clashed with the IMF over its conditions, will be resumed after the election.

Forex: USD/JPY testing the 94.00 resistance level

Perhaps no pair has received more attention recently than the USD/JPY – rightfully so following the G20 drama that unfolded last week. At the onset of the trading week, the USD/JPY has edged higher, as the weakness in the yen refuses to abate. Following a brief test of the 94.21/23 resistance (session high), the pair has eased slightly back towards the 94.00 level/initial resistance in these moments, presently securing an advance of +0.37% on the day.
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Forex Flash: ECB rate cut to be fatal for the EUR/USD - Commerzbank

Commerzbank analyst Ulrich Leuchtmann points out that IMF Lagarde's statement (about existence of room for another ECB rate cut) at the G20 meeting was overlooked. "After all it has not reached zero yet", he wrote, questioning why would she be interested in the ECB key rate? "Perhaps I am getting paranoid following three years of ECB crisis management and see signs for an ECB rate cut in anything. Certainly Largarde’s comments were not suited to reassure me", he added.
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