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Forex Flash: G20 meeting in Moscow looks set to focus on ´Currency Wars´ - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the G20 meeting in Moscow this week seems certain to focus on ‘currency wars’ but beyond a bland call for countries not to engage in competitive devaluations, he feels that it’s hard to see what concrete steps can be taken at this stage.

He writes, “The ‘currency war’ is a product of easy Fed policy, and the US is winning comfortably. Japan’s response can’t be criticised in the context of the deflation they have been stuck in, and Europe cannot agree a common position. Otherwise, look for solid gains in UK and US retail sales data this week, look for weak Q4 GDP data across Europe, and the Riksbank, which should leave rates on hold (SEK positive).”

Cyprus rejects possibility of imposing losses on bank depositors

Propositions of alternatives to the full bailout for Cyprus, which were included in the European Commission’s confidential memorandum mentioned by the FT in the European morning, were rejected by the country’s government which said that imposing losses on bank depositors would be against its law and constitution.
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Forex Flash: UK CPI to unch up to 2.8% in January - RBS

The UK's National Statistics office is scheduled to publish the Consumer Price Index on Tuesday Feb. 12 at 09:30 GMT. Market expectations are a slightly raise to 2.8% YoY in January from 2.7% in December. Monthly inflation is expected to decline by 0.4% in January.
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