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Forex Flash: Draghi optimism waning in Europe? – Westpac

FXstreet.com (Barcelona) - According to Sean Callow, a Global FX Strategist at Westpac, “With the Eurozone likely to remain in recession this year, EZ debt concerns lingering and Australia’s terms of trade still historically high, the EUR/AUD will remain well south of the long-term average into 2014.”

Moreover, the sharp reduction in the RBA rate cut pricing over the past month kicked off with the better than expected CAPEX survey and extended on the RBA statement and retail sales bounce.

In Europe, ECB president Draghi was understandably rather less upbeat after the March ECB meeting than in January-February when optimism was peaking over both financial conditions and glimmers of hope for the real economy.

Cypriot parliament rejects bank-deposit levy

The Cyprus' parliament has rejected the tax on bank deposit also know as levy with 36 votes against the proposal and 19 abstentions. In this way, Cyprus has blocked the €10Bn bailout just 15 minutes before the deadline.
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US markets trading in red as Cyprus weights

Equities in the US markets are trading on the back foot on Tuesday, as uncertainties emanating from Cyprus are weighting on sentiment. The Cypriot Parliament has recently rejected the bank-deposit....
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