By Lukman Otunuga, Research Analyst, FXTM WTI crude surged with a new lease of vitality on the last trading week of August, surpassing technical resistance above $42.50 and concluding the week gaining $11. This was the strongest gain for over four years and the surge rippled across not only the FX markets, but the equities
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Limassol-based RCB Bank, one of four systemic banks in Cyprus that passed the ECB stress tests last October with flying colours, has opened a new branch in Nicosia, raising the total network to five, while it also plans to open one more soon. The new branch is located on the central Limassol Avenue at the
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By Lukman Otunuga, Research Analyst at FXTM While the CHF benefitted as a safe-haven during the financial market turmoil on Monday, the currency has since been offloaded across the board. The Swiss economy is still facing pressures with the stronger CHF following the events in January, and most participants remain bearish on the currency. The
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The monthly issue of 6-year retail bonds, the government’s alternative financing method after the economy crashed two years ago, plunged to their lowest level after the government announced a disincentive of a lower interest rate starting from the September series. The Public Debt Management Office of the Ministry of Finance said that the ninth series
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German companies intend to hire more people, with the Ifo Employment Barometer rising to 108.3 points in August from 107.2 in the previous month. In all sectors except manufacturing, more companies plan to hire additional employees. The robust economy in Germany is having a positive effect on the labour market, the Munich-based research institute said.
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Moody's Investors Service has revised downward its forecast for GDP growth in the G20 economies to 2.8% next year, from 3.1%, mainly reflecting the impact of a more marked slowdown now forecast in China and more prolonged negative effects of low commodity prices on G20 producers than earlier expected. Moody's has slightly revised downwards its
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All Emirates First Class and Business Class passengers travelling from Larnaca Airport will now be able to use the Express Lane facility for immigration and security at departure level 2. In a bid to enhance the experience of premium customers, these passengers will have an adhesive sticker attached to their boarding pass during check in,
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Written by Lukman Otunuga, Research Analyst at FXTM William Dudley, President of New York Federal Reserve, came to the rescue on Wednesday as his hawkish tone renewed some bullish sentiment on the Dollar. In the trading weeks of August, the major currency has been exposed to extended periods of weakness due to concerns that the
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While solid economic growth continues to support Oman (A1 negative), its very high economic and fiscal reliance on the oil and gas sector and limited scope for fiscal reforms will add pressure to public finances in 2015-16, Moody's Investors Service said in a report on Thursday. “We expect Oman's fiscal deficits to widen from 2015
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Organisers of this year’s “Pafos Aphrodite Festival” have seen a last-minute rush for ticket sales for the opera next month for the famous romantic melodrama “La Cenerentola” (Cinderella) by Gioachino Rossini, due to an improvement in the economic situation that had affected attendance in 2013 and 2014. This year’s opera, the 17th so far, will
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