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Forex Flash: Cypriot Bank levy key focus at week start - OCBC Bank

FXstreet.com (Barcelona) - OCBC Bank Treasury Analysts note that the parliamentary vote in Cyprus regarding the deposit levy that was included as part of its bailout program will be the key event to watch at the start of the fresh week, as it could have repercussions on banking sector confidence in the crisis countries.

Further, they add that Moody´s has already commented that the deposit levy move may weigh on the credit rating of Eurozone’s banking sector as a whole. They feel that risk sentiment could thus remain tentative for now, especially noting the largely disappointing University of Michigan confidence index on Friday. They finish by writing, “While some volatility could resurface across all markets, what seems to be rather certain is that we may see the USD gaining further grounds, at least in the near-term.”

Forex: EUR/GBP bounces to mid-February low at 0.8575

The Euro took a ~120-pip hit against the British Pound right as FX trading started this week, with the price going as low as 0.8531. Tested that zone for support, the EUR/GBP is now drawing a bounce above 0.8560.
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Forex Flash: Asian sentiment dominated by Cyprus news - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the Asian session has been dominated by the shock decision by the EU forcing Cyprus to implement an effective haircut on deposits in Cyprus in order to raise EUR 5.8bn which will be augmented by a EUR 10bn aid package from the euro-zone.
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