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Forex Flash: Cypriot banks are to re-open tomorrow, but capital controls details awaited - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that Cypriot banks are to re-open tomorrow, but details on the capital controls are awaited.

They feel that it is becoming clearer that over the past week or so there has been capital flight that this would imply that a larger impact on the unsecured depositors. They write, “Capital is thought to have left via branches/units of Cypriot banks that have been open in the UK and Russia. There were limits on how much cash could be taken out of the banks, but that did not seem to block the transfer of equity and other wealth.” They finish by noting that the Emergency Lending Assistance (ELA), which the national central bank makes available with the ECB's permission, is expected to initially increase by around 3 bln euros, which may be a rough and ready estimate of the leakage.

Forex: USD/CAD stuck at 1.0163/65

The USD/CAD fell big earlier today during US trading following the release of Canadian CPI data, however the cross managed to make a recovery attempt that stalled at 1.0175 recently. Following this reversal, the pair reverted back to familiar ground near opening levels at 1.0163/65 in these moments.
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Forex Flash: EUR/USD open to 1.2600 - Societe Generale

Senior FX Strategist at Societe Generale, Sebastien Galy notes that with the break of 1.2800, EUR/USD is open to a move to the next level in sight at 1.2600.
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