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Forex Flash: EZ FinMins insist the Cypriot Gov need to raise EUR5.8bln - OCBC Bank

FXstreet.com (Barcelona) - OCBC Bank analysts note that in a statement by finance ministers in the Eurozone, the group continues to insist that the Cypriot government needs to raise EUR 5.8bn from bank depositors to unlock the emergency loans as part of their bailout.

Over in the US, The Treasury commented that they are watching the issue very closely and stressed the importance of Cyprus working together with its Eurozone partners. Elsewhere, the team notes that the Bundesbank shrugged off the slow start in 2013, commenting that an economic recovery is still expected this year and expects the German economy to grow 0.4% yoy, according to its December projections.

Forex Flash: RBA in wait and see mode - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that we had the minutes from the RBA meeting on 5th March and as was signalled in the statement, the RBA expressed optimism that the positive impact of monetary easing on the economy “still had further to run”, confirming again the likelihood that the RBA is in wait-and-see mode to assess the 175bps of easing that has been implemented since November 2011.
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Forex Flash: S&P 500 dips on Cyprus news but remain clear out performer on YTD basis - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the S&P 500 did take a knock from the news from Cyprus yesterday, declining by 0.55% although the index remains the clear out-performer in dollar terms on a year-to-date basis, up nearly 9.0%.
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