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Cyprus to cancel Tuesday's bailout vote

FXstreet.com (San Francisco) - The Cyprus' president Nicos Anastasiades has affirmed that he doesn't have enough votes to pass the bailout and levy proposal tomorrow and the government in Nicosia is cancelling the Tuesday vote, according to Antenna TV information.

Furthermore, the Central Bank of Cyprus decided to extend the current bank holiday until Thursday.

Ashraf Laidi commented in a recent report that the next event risk for EURUSD will be the announcement from Cyprus. "Also note the ECB said will provide the necessary liquidity if the Parliament approves the depositor-levy, so look out for a potential spike in the EURUSD after the Parliament’s announcement especially if there is a noticeable reduction in the burden on smaller depositors (below €20,000)."

The EUR/USD has reacted down to the vote's cancellation and currently the pair is trading at 1.2930, extending declines from 1.2995.

Forex Flash: Weekly rundown, FOMC in focus – Deutsche Bank

The FOMC's policy announcement and Bernanke's press conference on Thursday will take center-stage. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “Our US economists do not expect any imminent changes in Fed policy.” Thursday's flash European PMIs will be the focus data-wise following the mixed readings last month. In China, the HSBC flash manufacturing PMI (also on Thursday) will be watched for any bounce back after February's fall - which many blamed the timing of New Year for.
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Forex: EUR/USD retreats to the area of 1.2930

The single currency is intensifying its correction lower after climbing to the boundaries of 1.3000 in the European midday. At the same time, pessimism surrounding the euro remains intact, as the situation in Cyprus is far from solved...
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