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Forex Flash: Investors remain jittery over Cypriot developments - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that investors remain jittery in the near-term over the potential for developments in Cyprus to lead to broader contagion materially undermining investor confidence in euro-zone assets.

So far, he sees that eurozone assets have come under modest downward pressure this week although the fallout has been relatively muted so far which if continued should help the euro to gradually stabilize in the near-term. Cypriot banks will re-open today following the announcement of capital controls yesterday. According to an FT report the ongoing need for the controls maybe assessed weekly.

Elsewhere, Hardman notes Political uncertainty in Italy also remains a weight upon the euro in the near-term. He writes, “Centre-left leader Bersani is set to report back to President Napolitano today after holding talks with the centre-right parties and the Five Stars Movement in an attempt to form a government. Those talks don’t appear to have gone well leaving Italy apparently no closer to forming a government.”

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