FOREX MARKET UPDATE:

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Activation of the EU/IMF financial rescue package for Greece led to some tightening of the yield spreads

· Households and “non-monetary financial” institutions such as asset mangers and Corporates have withdrawn EUR 21.2 bn in deposits and deposit-like instruments

· Dollar continues to be pushed around by the performance of equity markets

· BoJ’s new lending scheme which, it is hoped, will channel cheap financing to growth industries. Between 2 and 3 trillion yen could eventually be made available under the scheme.

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