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Forex Flash: Cyprus will face a deep and prolonged adjustment process – BBH

FXstreet.com (Barcelona) - Yesterday Cyprus reached an agreement with the troika that allowed the country to save its financial system but in the long term is going to face a deep and prolonged adjustment process, according to Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman.

The financial sector plays an important role in its economy that does not have a capacity “to exports its way to growth,” the analyst notes. Marc points out that the problem in Cyprus is not an expensive currency but its developmental model. “The bottom line is the downside risks to the economy mean that this aid package may not be the last for Cyprus,” says Mr Chandler.

Forex Flash: RBA gov Stevens not a market moving event – NAB

RBA Governor Stevens is due to speak at the ASIC Forum in Sydney at 04:45 GMT. “A speech title is not currently available but we doubt it will be a market moving affair,” say NAB analysts, who add: “Nor too should the RBA’s half yearly Financial Stability Review, out at 11:30 Aest.”
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Forex: GBP/JPY recovers ground as Kuroda speaks

The GBP/JPY dropped sharply on Monday, losing more than a hundred pips. During the American session bottomed at 141.90 but rebounded and trimmed losses ending the day near 143.00.
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