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Forex Flash: European and US stocks markets down on ongoing Cypriot woes - OCBC Bank

FXstreet.com (Barcelona) - OCBC Bank analysts note that European and US stock markets lost ground on continued concerns over the Cypriot situation and weak Eurozone PMI data, which has overshadowed solid US housing and manufacturing data.

They write, “The flash Eurozone PMI data fell significantly in March to 46.5 from 47.9 in February, a sign that Eurozone economy may not be able to stabilize in the second quarter as many hope. The manufacturing activity in Germany flipped to contraction again at 48.9 in March, down from 50.3 in February.”

Germany: IFO – Business Climate down to 106.7 in March

According to data published on Friday by the CESifo Group, German IFO – Business Climate decreased slightly from 107.4 in February to 106.7 in March. Market consensus pointed to an increase to 107.6.
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Forex: EUR/JPY prints low at 121.48 on German IFO

The release of the German IFO survey triggered a drop to test the 121.50 area, but disappointing fig-ures weren’t enough to see the EUR/JPY extending the fall further. The cross is bouncing towards 122.00.
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