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Forex: EUR/GBP hits fresh highs above 0.8550 on bailout deal for Cyprus

FXstreet.com (Córdoba) - The Euro rose across the board after a deal was reached between Cyprus and the European Union. The EUR/GBP rose from 0.8515 to 0.8557 reaching the strongest level since last Thursday and currently remains near the highs. Demand for the Euro rose after a deal was announced but market participants are still waiting for more details from the agreement.

EUR/GBP bottomed on Friday at 0.8483 (lowest price since Feb 11) during the European session and since then it has risen more than 60 pips. Despite recent recovery the EUR/GBP has not been able to fill the bearish gap created seven days ago.

Forex: EUR/JPY soars on Cyprus tentative deal

The EUR/JPY jumped from 122.70 to 123.77 as a tentative deal between Cyprus and the European Union was reached.
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Eurogroup reaches agreement with Cypriot authorities

Already finished Eurogroup and FMI press conference, attending IMF chief Christine Lagarde, Eurogroup Chairman Jeroen Dijsselbloem, EU's commissioner for economic affairs Olli Rehn , European Central Bank (ECB) board member Jorg Asmussen, and ESM managing director Klaus Regling, the Eurogroup has reached an agreement with the Cypriot authorities “on the key elements necessary for a future macroeconomic adjustment programme,” the official Eurogroup statement reads.
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