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Euro Slips, Pound Trips, Asian Central Banks Intervene

Wednesday, 16 May 2012 | 7:53 AM ET

Greek drama enters a new act and Germany's Angela Merkel offers tough love - it's time for your FX Fix.

Greece announced it would hold new elections and the euro hit a four-month low against the dollar. [CNBC]

The British pound fell to a four-week low against the dollar after the Bank of England cut its growth forecast. [FT]

The Bank of England and other authorities have been discussing contingency plans for a Greek exit from the euro "for some time," says Governor Mervyn King. [CNBC]

German ChancellorAngela Merkel told CNBC she wants Greece to stay in the euro zone, but says it must honor its commitments. [CNBC]

Worries about contagion from the euro zone crisis hit emerging Asian markets, and central banks in South Korea and Indonesia intervened to defend their currencies. [WSJ]

The Indian rupee hit a record low against the dollar despite intervention and other moves by the central bank. [CNBC]

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