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France provides adjustment of €20.0B euros in 2014

FXstreet.com (Barcelona) - The French government announced today introduced in the Council of Ministers a new multi-year plan that will involve budgetary adjustment in the order of €20.0B in 2014, aimed at mitigating the mounting deficit and consolidating domestic public finances.

The breakdown of allocation during the period 2013-2017 will be presented to Brussels later this month and contains approximately €14.0B in spending cuts along with an increase in tax revenues of about €6.0B. Hollande's government expects the budget deficit this 2013 is above the intended target, at 3.7%, though considers that it fulfilled in 2014, when he would stand at 2.9%. The indicator would drop also in 2015, towards 2%, rising to 0.7% in 2017.

It is also estimated that France's public debt will continue to grow and reach 94.3% next year, however this will begin to decrease from 2015.

Forex: USD/CHF approaches 0.9300 on Buba’s Weidmann remark

Mirroring the EUR/USD movement the other way around, the USD/CHF is being pumped as the US session unfolds with less demand for the EUR and CHF. Behind the move is investors’ reaction to Buba’s Weidmann remarks, saying the ECB may adjust rate. The pair left the 0.9245 area and climbed all the way up to 0.9294 high, threatening to tackle the 0.9300 mark.
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Forex Flash: Neutrality persists for commodity-based currencies – UBS

UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
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