Forex Flash: Market gives Cyprus benefit of the doubt - Westpac

FXstreet.com (Barcelona) - With Cypriot officials still in talks with Russian counterparts, in view of Shaun Callow, FX strategist at Westpac, "it seems that for now, it is unlikely Russia will do more than roll over its existing loan."

Sean adds: "Market optimism that a resolution will occur soon seems to rest on the prospect of Cyprus passing a bill that includes a much smaller tax on deposits that exempts small depositors and somehow raises substantial funds elsewhere."