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Forex Flash: GBP: Digging deeper into flows - Nomura

FXstreet.com (Barcelona) - Nomura strategist Geoffrey Kendrick notes that following last week’s Q4 2012 balance of payments and yesterday’s February nonresident gilt buying data, he has outlined a comprehensive basic-balance approach to GBP analysis.

He feels that within the current account, he notes the importance of the decline in the income balance to overall current account weakness. Importantly, however, he sees that a good bounce in the bank income balance saw this component begin to recover in Q4. He writes, “Within the financial account, we note the inherent volatility of the data at both the aggregate and component levels, due mostly to the dominance of the banking sector in the data. From a bottom-up perspective, we note the continuation of very strong inflows to buy Gilts, with some GBP22bn in Q4 and GBP19bn in the first two months of 2013 alone.”

Forex Flash: US Jobs in focus - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that today, the ADP National Employment Report likely will colour expectations heading into Friday's official government release.
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IMF will lend 1 billion euros to Cyprus

The IMF announced on Wednesday that its contribution to the Cyprus bailout would amount to 1 billion euros. It has also presented the harsh conditions of the aid.
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