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Forex: EUR/USD hovering over 1.2900 after Cyprus

FXstreet.com (Barcelona) - The single currency opened sharply lower on Monday after the bailout in Cyprus spooked market participants and intensified the fears surrounding depositors’ funds.

“Perhaps the most negative aspect of the Cyprus development is the uncertainty over how long it takes for its parliament to agree on depositor haircuts. The longer it takes the longer the bad taste stays in the mouth of all involved. Most of the criticism of the plan relates to the haircut faced by smaller depositors, and this is likely to generate considerable disagreement and debate in parliament”, commented Greg Gibbs, FX Strategist at RBS.

At the moment, the cross is down 1.31% at 1.2904 with the next support at 1.2881 (low Dec.10).
ON the upside, a breakout of 1.3111 (MA21d) would open the door to 1.3129 (MA100d).

Forex: GBP/USD stable around 1.51 despite the turmoil

GBP/USD has been quite stable during the Asia-Pacific session given the turmoil going on with Cyprus bailout that has sent Euro to fresh 3-month lows. Cable is last at 1.5094, barely 20 pips below previous weekly close Friday, helped on EUR/GBP cross selling. The London session ahead will offer a blank agenda in terms of Pound related risk events, with key UK CPI at sight for tomorrow.
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Switzerland: Economy expected to grow by 1.3% in 2013

According to the Economic Forecasts released on a quarterly basis by the Swiss State Secretariat for Economic Affairs, the Swiss economy will most probably grow by 1.3% in 2013 and it should accelerate to 2.1% the next year, as the domestic economy remains stable and the export outlook is improving.
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