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Forex Flash: EU leaders summit continues, aims to address growth – Deutsche Bank

FXstreet.com (Barcelona) - According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “With the EU leader's summit continuing today in Brussels, the news flow has so far been focused on the around the growth vs. austerity debate. A draft conclusion prepared for the EU leaders summit appeared to offer some flexibility on budgets, saying there should be an appropriate mix of expenditure and revenue measures, including short-term targeted measures to boost growth.”

The thoughts were echoed ahead of the meeting by Francois Hollande who commented that "We need flexibility if we want to ensure that growth is the priority," adding that while he was committed to gradual budget consolidation, that did not mean that there was no room for maneuver. Merkel commented ahead of the meeting that the growth pact passed by EU leaders last year "has to be filled with life" and should be used to "get the money to the people so young people in Europe get jobs".

Forex Flash: BoE's King switched from talking down to comfort with GBP price – TD Securities

BoE's King changed his speech after talking down the currency for the past couple of quarters and “now appears comfortable with where the currency is”. “This has helped stabilize GBPUSD and at the time of writing it was trading around 1.5150 following lows of 1.4832 earlier this week”, wrote analyst Tim Davis.
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European markets mixed as EU Summit takes place

The German DAX 30 (+0.14%) and the Italian FTSE MIB (+0.09%) are edging higher while the French CAC 40 (-0.54%) and the Spanish IBEX 35 (-0.71%) fall on Friday as the EU Summit is at its last day, looking for solutions for the bailed out countries and to agree on a bailout deal to Cyprus, also with talks of growth measures. In regard to Cyprus, “leaders are trying to limit the cost of the government bailout by putting some of that cost on to bank depositors so if they have reached this compromise there is at least some risk we have the Cyprus bailout announced today”, wrote TD Securities analyst Tim Davis.
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