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Forex: Cyprus and Troika negotiations extend

FXstreet.com (Buenos Aires) – Cyprus authorities continue to struggle to avoid a financial meltdown in the island, and negotiations with the Troika extend over the weekend. Last Friday, the Cypriot parliament passed a bill to restructure banks, establishing restrictions on financial transactions to avoid a cash-flight after the developments of past week. It’s yet to be seen, if the EU group will accept the proposal.

In the meantime, the trigger of these all remains under consideration, as Cyprus Parliament has yet to decide about the levy: Finance Minister Michael Sarris said this Saturday that the congress is considering a levy of about 25% on bank deposits over €100,00 in the largest local lender, the Bank of Cyprus.

While the PM is optimistic negotiations may conclude on Saturday evening, Euro group is set to meet tomorrow in Brussels.

Forex: The EUR/USD closes the week with a 1.3000 test on Cyprus 'algo'

Finally, the EUR/USD has closed the week with a new test at 1.3000 on the back of the latest developments in Cyprus. After a week providing drama, Cyprus has approved 9 bills as first step to get the EU bailout. Now they are pretending being an efficient parliament while building a credible plan B that Cyprus must show in a new eurogroup meeting on Sunday.
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Forex: EUR/USD gaps down on Cyprus uncertainties

EUR/USD has gapped down in early interbank Asia-Pacific weekly open, printing session lows so far at 1.2941, back from previous weekly close Friday around the 1.2990, last at 1.2979, still unable to fill the gap. Negotiations are still taking place in Brussels trying to resolve Cyprus bailout, hours away the ECB deadline kicks in. A Cypriot spokesman has been quoted by different sources saying Cyprus PM Anastasiades and Fin Min Sarris would be dining at the moment with EU's Van Rompouy and Barroso, but without FMI Lagarde and ECB Draghi.
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