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German Fin Min urges Portugal to find new austerity measures

FXstreet.com (Barcelona) - German Finance Minister Wolfgang Schaeuble said in a radio interview on Monday that Portugal should come up with a new set of austerity measures, after the country’s high court rejected parts of the plan put forward by the Portuguese government, deeming them illegal.

“Portugal has made lots of progress in the last year to gain access to financial markets,” the German finance minister said. “But after this (constitutional court) decision it will have to find new measures.”

Portuguese Prime Minister Pedro Passos Coelho has already announced plans of carrying out cuts in health and education spending, in order to meet the targets set by the Troika and avoid asking for a second rescue package. He assured however that no new tax hikes would be introduced in 2013.

Forex: GBP/JPY falls off highs to 151.13/18

The GBP/JPY has given back some of its early gains, following a peak at the 151.81 level earlier today during European trading. However, in recent minutes the pair has eased slightly back to the 151.13/18 mark, though still notching an advance of +0.50%.
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Forex Flash: Investors taste the bitterness of monetary easing – UBS

The Friday's payrolls numbers left much to be desired and equity markets responded accordingly, but FX markets once again showed signs of correlations fatigue. 'Risk-on, dollar on' was already on the wane, but given the disappointment in the US economics and rising fears of another synchronized global growth slowdown, the traditional 'risk-off, dollar on' move did not apply across the board either.
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