I think things are going to get very interesting in the near future. Cyprus may prevent capital outflow by restricting withdrawals, but other European banks are not so lucky. Given that we are about to see a 25% levy or greater, and capital withdrawal restrictions placed in Cyprus, I think the whole European banking sector is now seriously compromised, which means that money from other European nations is likely to head outside of Europe. Where will that money go? Japan/Australia/USA? That flow will decide which currency will go higher and which will head lower - though I suspect that the formal safe haven is still gold and usd.
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