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25 Mar 2013
Forex Flash: EUR shorts rose on Cyprus concerns last week – Rabobank
FXstreet.com (Barcelona) - The euro continues to navigate the lower end of today’s range in the proximities of 1.2850/55, after printing fresh 2013 lows in the area of 1.2830 on increased uncertainties on Cyprus.
In the view of Jane Foley, Strategist at Rabobank, Italy and Cyprus continue to weight on the single currency. “. While tensions last week remained contained, concerns about the potential impact on depositors elsewhere in the Eurozone combined with uncertainties connected with the Italian political situation should ensure that jitters remain”.
In addition, “While some of the tension had abated by the end of the week, the legacy of Cyprus’ bail-in could keep the USD well supported”, Foley concludes.
In the view of Jane Foley, Strategist at Rabobank, Italy and Cyprus continue to weight on the single currency. “. While tensions last week remained contained, concerns about the potential impact on depositors elsewhere in the Eurozone combined with uncertainties connected with the Italian political situation should ensure that jitters remain”.
In addition, “While some of the tension had abated by the end of the week, the legacy of Cyprus’ bail-in could keep the USD well supported”, Foley concludes.