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Forex: EUR/SEK in session lows after Swedish PMI

FXstreet.com (Barcelona) - The Swedish krona is sharply appreciating against the single currency on Tuesday, after the manufacturing PMI in the Scandinavian economy rose to 52.1 during March, exceeding both forecasts and previous print.

The stronger SEK dragged the cross from levels above 8.3600 to the current region below 8.3200, testing last week’s lows.

At the moment, the cross is retreating 0.65% at 8.3167 with the next support at 8.2840 (low Mar.270 ahead of 8.2550 (2013 low Mar.13) and finally 8.2100 (low Aug.28 2012).
On the upside, a breakout of 8.3710 (MA30d) would aim for 8.4585 (high Mar.25) and then 8.4626 (high Feb.28).

Cyprus might ease capital controls shortly

According to Reuters, the Cypriot government is already considering relaxing some of the capital controls, introduced last week to prevent bank runs. It is expected that the limit on financial transactions will be raised from the current 5.000 euros to 25.000 euros. Additionally, Bank of Cyprus large savers are to be given access to 10% out of the frozen 40% of their deposits.
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European markets higher ahead of central banks and US NFP this week

The German DAX 30 (+1.30%), the French CAC 40 (+1.20%), the Italian FTSE MIB (+0.57%) and the Spanish IBEX 35 (+1.09%) are edging higher on Tuesday, like most European equity indexes, as investors get ready for a festival of central bank policy meetings this week, including the ECB, BoJ and BoE, and US nonfarm payrolls data on Friday.
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