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Forex Flash: Market gives Cyprus benefit of the doubt - Westpac

FXstreet.com (Barcelona) - With Cypriot officials still in talks with Russian counterparts, in view of Shaun Callow, FX strategist at Westpac, "it seems that for now, it is unlikely Russia will do more than roll over its existing loan."

Sean adds: "Market optimism that a resolution will occur soon seems to rest on the prospect of Cyprus passing a bill that includes a much smaller tax on deposits that exempts small depositors and somehow raises substantial funds elsewhere."

Japan's trade balance keeps the red; exports below expectations

Japan's trade balance figures for the month of February came in at -¥777.5 billion vs estimates of -¥855.9 billion and a previous trade balance of ¥1628.4 billion. Meanwhile, Japan's adjusted trade balance (FEB) stood at ¥1086.6 billion vs ¥1102.8 billion expected. February imports came in at +11.9% vs +15.0% expected, with exports disappointing again, down at -2.9% in February vs -1.9% expected.
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Australia RBA Foreign Exchange Transaction declines to 328M in Feb from 393M

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