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Forex: AUD/USD consolidates gains above 1.0400

FXstreet.com (Barcelona) - The Aussie dollar finally managed to follow through the key barrier of 1.0400, trading around 1.0440/45 as of writing on better risk-on tone.

Markets continue to look to Cyprus in order to define a clearer trend on Friday, although the solution remains pretty far at the moment. “The Cyprus story soured after the ECB said the country had until Monday to agree a bailout plan, otherwise it would cut emergency funding for the country’s banks. In addition, Cyprus’ central bank denied rumours the second largest bank, Poplar, is to be closed. Local media reported plans to overhaul the banking system, impose capital controls, and structure a bailout are being submitted to Parliament today”, commented Sean Callow, Strategist at Westpac.

At the moment, the cross is up 0.04% at 1.0441 with the next resistance at 1.0459 (high Mar.21) ahead of 1.0475 (high Jan.30) and finally 1.0485 (76.4% of 1.0599-1.0116).
On the flip side, a drop beyond 1.0415 (high Mar.15) would bring 1.0414 (61.8% of 1.0599-1.0116) en route to 1.0372 (MA200d).

Germany: IFO - Expectations (Mar): 103.6 vs 104.6 in Feb

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Cyprus vote on bank restructuring delayed; Russia refuses to lend financial support

The Cypriot parliament’s crucial vote on the bank restructuring and investment fund bill, which was supposed to begin at 8GMT today, has been postponed until the afternoon. The legislation, if passed, would allow the country to raise at least a part of the funds (3.5 billion euros out of the remaining 5.8 billion euros) required by the Troika before it approves a bailout program for Cyprus.
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