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Forex Flash: Market reaction to Cyprus impressive - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the way that markets have reacted to the Cypriot crisis is somewhat impressive.

They feel that this is especially so when considering that this is taking place while political uncertainty continue to hang over Italy, the third largest economy in the Euro area. They write, “The euro is off 1.1% on the week. Central European currencies--Poland, Czech and Hungary – all lost round 1.0% against the euro. The Swedish krona and Norwegian krone underperformed. The strongest currency this week has been the Japanese yen, which has appreciated by almost 1% against the greenback. Separately, we note that sterling has also performed well this week, gaining a little more than 0.5%.”

Forex: GBP/USD up to 1.5220 on Eurozone headlines

Once again, the 1.580 zone held the GBP/USD against further downside just ahead of the NY opening, allow-ing then a move back up and an extension of gains to 1.5220 area on headlines from Cyprus.
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Forex: EUR/JPY jumps above 123.00 on Cyprus

The Euro is trading higher right now across the board on the back of rumors of Cyprus resolution. Against the Japanese yen, the euro has jumped around 65 pips in the latest hour from 122.80 to break above the 1.2300 level and reach intraday high at 123.45.
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