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The euro rose versus most of its major counterparts as finance ministers from the currency union approved a bailout plan for Cyprus, reducing the risk of a default and a disorderly exit for the nation. The 17-nation currency rebounded from its biggest weekly loss in six against the yen as the so-called troika of international creditors prepared to deliver a 10 billion euro ($13 billion) rescue package. The agreement calls for Cyprus Popular Bank Pcl (CPB) to be shut down and split, according to unidentified EU officials. Deposits below the EU guarantee ceiling of 100,000 euros will be protected, and a loss of as much as 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said.
Federal Reserve Chairman Ben S. Bernanke is scheduled to speak at a conference sponsored by the London School of Economics at 5:15 p.m. London time. The U.S. central bank would alter its monthly purchases of $85 billion in bonds in response to gains in the job market, Bernanke said last week.
U.S. Commerce Department data this week will probably show orders for durable goods rebounded 3.9 percent in February from a 4.9 percent drop the month before, according to the median estimate of economists surveyed by Bloomberg News before the release tomorrow. Analysts in a separate poll predicted consumer spending gained 0.6 percent in the same period after growing 0.2 percent in January, ahead of the March 29 report.
The yen weakened against all its major peers before Bank of Japan Governor Haruhiko Kuroda speaks to lawmakers tomorrow.
The Australian dollar touched an almost two-month high against the greenback as Asian stocks advanced.
EUR / USD: during the Asian session, the pair rose to $ 1.3050.
GBP / USD: during the Asian session, the pair rose to $ 1.5260.USD / JPY: during the Asian session, the pair rose to Y95.00.
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