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Forex Flash: Cyprus vote to be delayed - Societe Generale

FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that German sources says that the vote on the fund is delayed to later in the night or Friday.

He sees that the upcoming fund looks to be a mix of borrowing on pension funds and the church, with hopes of some issuances of claims on Natural Gas et al. However, for now Russia is remaining uninvolved while the Eurozone is insisting on the 100K protection which consequently leaves the offshore depositors to take the risk. He writes, “What seems to be going ahead is the bank resolution (bad bank good bank) for one of the two major banks. This is the most pressing issue, with one bank restricting cash withdrawals to 260 EUR per day per person.”

Forex: USD/CHF down ahead of German IFO

The USD/CHF eased from 0.9475 to below its opening price of 0.9564, going as low as 0.9452 the European session opened. China’s MNI business sentiment indicator eased from 60.98 to 58.39 in March, while the French business climate remained at 90 instead of rising to 91 as expected.
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Germany Mar IFO - Business Climate decreases to 106.7 from Feb 107.4

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