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Forex Flash: Most biting criticism of Cypriot package was principle, not tax itself - BBH

Brown Brothers Harriman analysts note that the most biting criticism of the Cyprus package was about the principle, not simply the amount of the tax on small depositors.

They write, “Nevertheless, press reports suggest that there is not a run on other peripheral banks that some had feared as depositors across Europe would see Cyprus as a precedent. As we have noted, there was precedent for Cyprus as well in Europe. Italy imposed a one-off tax on all depositors (and other savings) to reduce its debt in order to join EMU in the first place.”

Forex Flash: Deterioration of large Cypriot bank prompted ECB action - BBH

Brown Brothers Harriman analysts note that it was the deterioration of a large Cypriot bank which prompted the ECB to threaten to cut off access to ELA (the emergency lending assistance provided by the national central bank at their risk, but with the permission of the ECB).
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Forex: USD/JPY trading sideways at 95.08/10

The USD/JPY has been one of todays standout performers, rallying nicely earlier off a session low of 94.31, which proved to be a bottoming out point for the cross. American trading has been much more sideways in nature, as the pair has refused to budge from a narrow trading range that is holding within sights of the 95.00 mark. In these moments the pair is trading at 95.08/10, recording an advance of +0.53% Monday.
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