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The troika back in bailout talks with Cyprus

The EU, ECB and the IMF representatives arrived in Nicosia today, in order to resume negotiations on the rescue plan for Cyprus. The participants hope to reach an agreement by Friday, as the distressed country urgently needs bailout funds to avoid a default.

The Troika representatives will hold talks with the newly elected president Nikos Anastasiadis, the Finance Minister Mijalis Sarris and the Central Bank of Cyprus governor, Panicos Dimitriadis.

The main topic to be discussed during the meeting with the central bank will be the details of the inspection of the alleged money laundering practices by Cyprus’s financial institutions, which is due to begin on March 12. The European Union demanded this external audit to be carried out as one of the conditions for providing an aid program for the country.

Forex Flash: Gilts reach support at 116.54 – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “Gilts have reached a key support level of 116.54 after forming a Tweezer top pattern. The level is likely to determine how much downside will be before turning constructive again. If broken, the price could dip to 116.11 or even 115.75. In the long-term, a pennant on a daily chart suggests there would be good chances of extending the rally to 118.37 onto 119.00. These are Fibonacci levels on a weekly continuation chart, while the caveat would be a sustained break below 116.54.”
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