The US dollar has been trading in different directions over the past week due to the lack of significant macroeconomic events and statistical reports. The euro felt more confident in the week than other currencies, which behaved much more modestly. But market optimism is gradually beginning to fade.
The results of the week disappointed investors – none of the events that had high hopes justified itself. The ECB has completely denied rumors about limiting the growth of peripheral bond yields, and officials could not give clear comments on the future fate of Greece. EUR / USD completed trading at 1.2512, while GBP / USD – at 1.5802.
As for the dollar, in the absence of important events and in anticipation of the publication of the minutes of the last meeting of the US Federal Open Market Committee (FOMC), it gradually increased from Monday to Wednesday. According to the Forex Club, “market participants, impressed by recent macroeconomic statistics, have expected committee members to be more optimistic about their immediate prospects for economic growth than a month earlier. However, the” minutes “turned out to be quite negative. “which gave reason to believe that QE3 is just around the corner. Accordingly, the dollar fell under pressure, and the USDX index dipped 1.8% from weekly highs.” Continue reading
The economic situation in Cyprus improved after the Eurogroup decided to provide Nicosia with financial assistance in the amount of ten billion euros. According to experts, the acute phase of the crisis in Cyprus has already been overcome.
As a result of lengthy negotiations, it was decided that deposits of more than 100 thousand euros covered by insurance in the EU will be fully retained, and for large – above 100 thousand euros – the tax will be 40%. Cyprus President Nikos Anastasiadis noted that he was satisfied with the agreement.
Now the Cypriot authorities are trying by all means to prevent the outflow of funds of investors. They will be allowed to withdraw no more than 300 euros per day to prevent the outflow of liquidity. At the same time, a number of prohibitive measures are being introduced, including the abolition of cashing checks and restrictions on the export of currency outside the country.
Citizens of Cyprus will also temporarily be unable to take out more than 1000 euros when traveling abroad. Customs officers will conduct checks at border crossings. Continue reading
The leadership of the Italian representative of Apple is forced to explain about the possible tax evasion in the country. The prosecutor’s office of Milan has already opened an investigation on the basis of suspicion that the American manufacturer of iPhone and iPad has hidden more than a billion euros of tax base from Italian tax officials.
According to the Espresso weekly, prosecutors in the country suspect the company that two of its employees provided accounting reports with underestimated tax rates to the tax authorities in 2010 and 2011. Amounts were underestimated by 206 and 853 million euros, respectively. Accordingly, the total amount with which taxes were not calculated in the Italian budget amounted to more than 1.06 billion euros.
It is believed that part of the proceeds earned in Italy could have been deposited with an Irish company controlled by Apple, using fraudulent schemes, which allowed the American giant to take advantage of a number of tax advantages. The branch allegedly booked part of its profits through the Irish branch of Apple Sales International (ASI), thus lowering his taxable income in Italy. Continue reading