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Forex Flash: Euro area faces new challenge on Cyprus drama - Nomura

FXstreet.com (Barcelona) - In view of Nomura economist Jacques Cailloux, the new challenge faced by the Euro now is "maintaining depositors' confidence in the banking sector not only in Cyprus but across the region in the absence of a robust and credible system wide insurance mechanism."

"Exiting successfully from the bank holiday and maintaining confidence in the wider system across the rest of the euro area are not easy tasks and might require some “credible regime-shifting policies” if one can draw any lessons from Roosevelt’s ability to bring about a complete turn in confidence after the March 1933 - Bank Holiday in the US" Jacques adds.

Forex: USD/JPY kept below 95.00, sellers dominant s/t

After the down-gap close last Monday, the USD/JPY saw pressure intensify at the 95.70 high, leading to a retracement which accelerated as low as 94.70 once the Cyprus no vote on the bank levy was confirmed.
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Forex: AUD/NZD trapped inside 1.2555/1.2623 range

AUD/NZD has modestly broken to the upside last at 1.2605, higher from recent session and weekly lows at 1.2555, but still capped below weekly highs at 1.2623. That has been the tight range so far for the week for AUD/NZD, given both Aussie and Kiwi have been moving pretty much in tandem as USD has been the main driver across the board so far for the week, following Cyprus turmoil surrounding bailout conditions requested.
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