Euro Hits 200-DMA & Ashraf on AlArabiya
Looking beyond the capital controls imposed in Cyprus, €4.2 bn in deposits from Laiki bank greater than €100,000 will be placed in a "bad bank". Not only depositors at Laiki bank will lose their funds, but so did all of its bondholders. Deposits at the Bank of Cyprus of less than €100K will not be levied, but those above €100K could lose up to 40% as part of the banks' recapitalization. Instead of using the Eurozone's bailout funds to save the Bank of Cyprus, Nicosia will resort large depositors' funds to restructure the Bank. Ashraf's apearance on AlArabiya. Yen is once again the biggest gainer of the day as risk aversion hits world markets. EURUSD breaks below its 55-WMA and eyes its 200-DMA, while nearing 4-month lows, while the yen drags EUR by over 200 pts. 1.3055 will be the level to watch for EURUSD monthly close to prevent a breakdown of the July trendine. In our latest Premium Insights, buying GBPUSD near 1.5120s hit the 1.220 target before opening the 2 shorts as part of the Dual trades. Long AUDUSD and US Crude were stopped out at 1.0470 and 94.70, while the gold short remains in progress. For full access, please see our Premium Insights, please click here
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