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Forex Flash: Proposed European Banker Bonuses has faced opposition from UK - OCBC Bank

FXstreet.com (Barcelona) - OCBC Bank analysts note that the proposed banker bonus restrictions had faced opposition from UK Chancellor Osborne who said it would drive up fixed bank salaries and damage competitiveness, but will not take effect before Jan 2014 so will not affect 2014 awards.

Meanwhile, they note that the UK’s growth forecast has been cut by half to 0.6% for 2013 (and 1.8% for 2014), even as Osborne delivered a corporate tax cut, set out an updated BOE remit, and borrow some GBP240b more over the 5-year period ending in Apr 2016. Meanwhile, looking to the Cypriot crisis, they note that Cypriot president Anastasiades is planning a new plan which may include a new version of the bank deposit tax, even as the banks will remain shut until 26 March.

EU Markit Services PMI decreases to 46.5 in Mar from 47.9 in Feb

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Forex: EUR/USD down on European PMI data, held by 1.2980

The EUR/USD has been falling across the chart since the release of disappointing France Markit PMI figures, with manufacturing PMI at 43.9 vs 44.3 consensus and services PMI at 41.9 vs 44.0 consensus. German data extended the sentiment as manufacturing dropped from 50.3 to 48.9 (consensus of 50.5) and services fell from 54.7 to 51.6 (consensus of 55.0).
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