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Forex Flash: Cypriot banks held by control mechanisms – Deutsche Bank

FXstreet.com (Barcelona) - On the topic of Cyprus, all eyes were on the Cypriot banks today, which opened for the first time in almost two weeks. They opened midday and were armed with a series of new capital controls.

According to Macro Strategy Analysts J. Reid and C. Tan, “These controls include limiting withdrawals to €300 per day, banning checks and curbing the use of Cypriot credit cards abroad in an effort to contain and mitigate mass panic and action.”

Yiangos Demetriou, head of internal audit at the Central Bank, said that the controls would allow unlimited use of credit cards within Cyprus, but set a limit of €5.0k abroad. He said the measures would last for around one week but could be reviewed. According to Greek newspaper Kathimerini, Cypriots would not be permitted to send money overseas without documentation showing they are paying for imports or for accommodation and tuition costs for Cypriots studying abroad. The capital controls apply to all accounts, payments and transfers, regardless of currency used.

Forex Flash: Shorting EUR/GBP still a worthwhile avenue – UBS

Many savers (both retail and institutional) across the Eurozone will be questioning whether it's still safe to keep funds within any Eurozone jurisdiction. According to Research Analyst Gareth Berry at UBS, “The next question to ask will probably be whether to keep any deposits in the euro as a currency at all. Given there is no direct FX impact in shifting euros across borders, we believe the second question is far more important.”
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Forex Flash: BoE to hold policy rates unchanged at 0.5% in 2013/14 - UBS

The BoE is expected to hold its monthly meeting next Thursday April 4th at 11 GMT. Market expects the bank to remain unchanged in its interest rate at 0.5% and the size of the Asset Purchase Facility at £375B. So UBS, but the bank also expects the BoE to remain unchanged the whole 2013 and in 2014.
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