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Is Ireland about to default?

In the UK Sterling enjoyed a brief rally last week ahead of the G7 meeting, unless it pushes higher this week we could see optimism drift away especially if the UK equity markets and the Banks sell off.  Ongoing global equity weakness should see the US$ and the Yen remain the safe haven plays, and risk aversion should still see selling into the commodity currencies namely Aussie and Kiwi $. 

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