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Eurogroup releases statement on Cyprus

FXstreet.com (Barcelona) - Eurozone finance ministers, who are holding talks in Dublin today, have released a statement on Cyprus in which they assure that the country has met all the requirements, allowing for the bailout deal to be completed.

According to the document: The Eurogroup notes with satisfaction that the Cypriot authorities have implemented decisive bank resolution, restructuring and recapitalisation measures to address the fragile and unique situation of Cyprus' financial sector. The Eurogroup commends the authorities for their demonstrated resolve in implementing these important measures in a tight timeframe and reiterates its appreciation for the efforts made by the Cypriot citizens over the last weeks.”

Eurozone finance ministers expect the bailout fund ESM board to give the green light to the proposal of granting Cyprus a 10 billion euro bailout on April 24. The first tranche of the aid could then be released by mid-may.

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Forex: USD/CAD jumps to 1.0130/34 on US retail sales data

The USD/CAD jumped nearly 15 pips during the onset of US trading after a tranche of US indicators were revealed to investors Friday. This move comes on the heels of an uptrend, which the pair had been engaged in since the European session. At the time of writing, the cross is now steadfastly rising to 1.0130/34, having notched an advance of +0.28% above its opening.
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