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Fitch places Cyprus on rating watch negative

FXstreet.com (San Francisco) - Fitch Ratings has decided to placed Cyprus under review to decide within cut or maintain its rating. In its own words, they have "placed Cyprus's Long-term foreign and local currency Issuer Default Ratings (IDRs) of 'B' and Short-term IDR of 'B' on Rating Watch Negative (RWN). At the same time, the agency has revised the Country Ceiling to 'B'."

The Agency believes that the banking system will have profound negative implications in the domestic economy, "which heightens the risk to public finances."

Forex: EUR/USD on auto pilot around 1.2850/55

Nothing seems to bother the euro on Tuesday, keeping the dullness intact in the vicinity of 1.2850/55 and unusually trading in a very narrow range....
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Forex Flash: US 10-year treasuries continue sideways trading – RBS

The market continues to see a 1.75% to 2.15% range in 10-year US Treasuries. According to the RBS Research Team, “Key resistance remains 2.15% in 10-years, while the near-term support is 1.83%. Our bias remains to modestly lower yields in the near-term, though confidence in our abilities to "all even minor moves in this environment are ebbing as the dominant rate trend remains sideways.”
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