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European Commission intends to advance Cyprus structural payments

FXstreet.com (Barcelona) - Recently in a letter to Cypriot President Nicos Anastasiades, President of the European Commission Barroso has extended monetary assistance in advancing the future of the EU budget to Cyprus.

In particular, the European Commission – through the letter to Barroso – has proposed an advance payment of the proposed budget for Cyprus for 2014-2020 in effect aiming to ease the island's economy.

Barroso also offered more competitive rates than before the turmoil, and could increase the amount of funds provided to the island over the next seven years, which are now estimated at 945 million euros.

Forex: EUR/USD shoots above 1.3100

The EUR/USD embraced the upside and moved above the 1.3100 handle, reaching as high as 1.3114 for now, as European investors go for lunch and the market prices in expectations ahead of the US data, including the CPI report, Housing Starts and Industrial Production. “We expect headline CPI to rise by +0.1%/mth, following the chunky +0.7% rise the month before. On an annual basis, favorable base effects lower the rate from 2.0% to 1.7%/yr (mkt 1.6%)”, wrote TD Securities analyst Annette Beacher, expecting also a relatively subdued Core CPI, at +0.2%/mth and 1.7%/yr (mkt 2.0%).
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Forex: EUR/CHF testing highs around 1.2160/65

The Swiss franc is losing ground against the single currency on Tuesday, as risk appetite is reining in the markets after Monday’s sharp sell-off...
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