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Forex Flash: Cyprus would cap euro upside ahead in the week – Danske Bank

FXstreet.com (Barcelona) - The single currency remains trapped around 1.2950 on Monday, as market participants continue to scrutinize the news coming from Cyprus in order to get a clearer panorama of the situation. “The key question this morning, however, is whether Cyprus has the potential to derail the risk-on market and trigger a bigger euro depreciation”, commented K.Kirkegaard, Senior Analyst at Danske Bank.

“Downside risks remain, though, until important questions are answered: (i) will Parliament pass the deposit hair-cut, (ii) how will depositors react in other European countries and not least Greece, and (iii) will investors be convinced that Cyprus is a unique case”, concluded the expert.

Forex: USD/JPY closer to Friday's close

The USD/JPY is attempting to complete the full retracement of the losses suffered as soon as the market opened for the week, hitting 94.09 low. The pair is currently trading 100 pips higher, at 95.09, and has already reached as high as 95.19, closer to Friday's close of 95.31.
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Forex: AUD/USD bounce kisses 1.0400

The greenback surged against its counterparts as investors got scared of news coming from Europe and a bailout to Cyprus that includes taxes on deposits going as high as 9.9%. From Friday's close of 1.0412, the AUD/USD went as low as 1.0344 before starting a bouncing movement that has reached 1.0400 area.
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