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Forex Flash: EUR/GBP buy on dips – Danske Bank

FXstreet.com (Barcelona) - The cross is hovering over the mid 0.85s on Monday, as sentiment surrounding the single currency remains subdue on jitters stemming from Cyprus.
The renewed euro weakness is contrasting with some sort of resilience from the sterling, which is trading firmly above 1.51 against the greenback.

“Overbought readings have prompted a period of consolidation but trend momentum remains strong and further dips are expected to attract fresh buyers in the 0.8576/30 area… The move higher should resume in due course, and clearance of the 0.8831/86 barrier will open the 2011 peak (1 July) at 0.9084 next”, recommended A.Lohman Rasmussen, Chief Analyst at Danske Bank.

Schaeuble: Germany didn’t push for taxing Cyprus’s small savers

German finance minister Wolfgang insisted today that Germany is not responsible for the shape of the European deal on the bailout for Cyprus, under which even small savers’ deposits would be taxed. He assured that Berlin is open to potential changes in the proposition.
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American equity markets tumble on Cyprus

The US Stock market experienced a lower opening Monday investors digest the news surrounding Cyprus. Beginning with the indices and composites, the NASDAQ fell -0.97% as it settles in region of 3217.29, down -31.46 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1547.32, descending -13.49 points or -0.86% at the time of writing. Finally, the Dow Jones has edged lower at the opening, trading in the zone of 14418.92, presently -0.66% after a movement of -95.92 points.
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