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Session Recap: Cyprus deal boost Euro and risk appetite

FXstreet.com (Barcelona) - EUR/USD broke to the upside today in Asia-Pacific following an initial gap lower during the interbank premarket to session lows at 1.2941 as uncertainties over Cyprus were rising given negotiations were taking longer than expected.

Finally the agreement between Cyprus and the troika came in and EUR/USD spiked to fresh 6-day highs above 1.3000, printing a new high at 1.3051, still unable to fill the gap down from March 17 weekly open.

Local share markets as well as US futures moved all higher on the news, with Kospi up +1.42%, Nikkei +1.45%, Hang-Seng +0.81%, and Shanghai +0.17%. Gold also climbed a bit above previous weekly close Friday, while Oil printed fresh session highs around $93.80, highest in 4 days.


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Eurogroup Statement on Cyprus – link to full text

Eurogroup reaches agreement with Cypriot authorities

Forex: EUR/USD builds a reversal pattern above 1.30 helped on Cyprus deal agreement

Forex: EUR/USD builds a reversal pattern above 1.30 helped on Cyprus deal agreement

EUR/USD has managed to climb above previous Friday's highs 1.3010, printing fresh 6-day highs at 1.3051, on the back of an agreement between the EU, FMI, ECB and Cypriot authorities. The pair opened the week in Asia-Pacific gapping lower as conversation during the weekend did not progressed fluidly, reaching a session low at 1.2941 in interbank pre-market.
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Forex Flash: EUR/USD euphoria over Cyprus deal to be short-lived - RBS

“A deal appears to have been negotiated with Cyprus that will allow its banks to continue to receive liquidity support from the ECB and thus allow the country to remain solvent and in the EUR,” noted FX Trading Strategist at RBS Greg Gibbs, “provided it is ratified by the Cypriot parliament,” the analyst adds.
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