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28.03.2013 09:28

Forex: Wednesday’s review

The euro fell sharply against the dollar, while leaving out below $ 1.28, which was the first time in more than four months, as the rescue program for Cyprus and the political stalemate in Italy eroded demand for assets in the region. In addition, the pressure on the currency has had an auction to sell bonds in Italy. Note that Italy has placed new BTP bonds due in June 2018 in the amount of 3.910 billion euros against the plan at a level of 4.3 billion euros. with yields at around 3.65% and the ratio of applications to cover at 1.22.

The single European currency also weakened against most other major currencies after the Swiss bank Pictet & Cie. said the crisis in Cyprus "tarnished" the attractiveness of the region. Note also that the Government of Cyprus is preparing to take aggressive measures to curb capital flight from the country, issued a decree on the control of movement of capital. This decree will be valid for 7 days, beginning on Thursday, and will cease all non-cash transactions in other countries. Cyprus will prohibit the withdrawal of cash from other countries to the tune of more than € 3,000 per person per trip, or an equivalent amount in another currency. Cyprus will also introduce a limit on all transactions using credit cards to 5,000 euros per person per month. Customers of the bank will be able to pay by check, but they can not cash them. They can not withdraw money from time deposits earlier than specified in the contract expire date. This decree requires the unprecedented response. Rules on capital control will apply to all banks in the country, not only to those who are involved in the rescue of Cyprus

In addition, the markets growing concern over the threat of a downgrade of Italy. Investors are awaiting tomorrow's resumption of the Cyprus banks and Bersani talks with Italian President Napolitano on progress in forming a coalition.

The pound rose to a two-month high against the euro, as the financial crisis in Cyprus and the political problems in Italy stimulated demand for the currency of the UK as a safe-haven.

However, in relation to the dollar, the British pound fell, helped by the data provided by the United Kingdom. National Bureau of Statistics reported that in 2012, GDP grew by 0.2% compared to the previous year, after rising by 1.0% in 2011. Earlier Bureau estimated the growth in 2012 of 0.3%. In the 4th quarter GDP fell by 0.3% compared with the previous month, as previously reported. The growth in the services sector offset a sharp decline in production in the factories, as well as oil and gas companies in the North Sea. Quarterly growth in the service sector, which accounts for about three quarters of GDP, slowed to zero, while industrial production fell by 2.1%, compared with the previous quarter, which was the most significant reduction since 2009. Production in the mining industry fell by a record 10.7%. The weakening of the economy at the end of last year has given rise to fears that the UK expects third recession in five years.

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