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25 Mar 2013
Forex Flash: Cyprus strikes a deal of sorts - Societe Generale
FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that a framework seems to have been agreed, which means that we are off to the next round in Cyprus.
He writes, “With the odds of contagion dropping even lower, this should disappear as a factor for eurusd (not russia). Our models showed 1.31 was the top of the range in eurusd, some traders thought we wouldn't even reach 1.3050 before consolidating. The market wants to be long usd as evidenced by a continuous rise in the cftc data.”
He writes, “With the odds of contagion dropping even lower, this should disappear as a factor for eurusd (not russia). Our models showed 1.31 was the top of the range in eurusd, some traders thought we wouldn't even reach 1.3050 before consolidating. The market wants to be long usd as evidenced by a continuous rise in the cftc data.”