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Euro Slips on Muted Hopes for EU Summit

Tuesday, 26 Jun 2012 | 8:21 AM ET

Spain and Italy pay up and the European Union summit looms - it's time for your FX Fix.

Spain's short-term debt costs nearly tripled at auction today, and Italy's rates rose as well, on pessimism about the upcoming European Union summit. [CNBC]

The euro fell sharply as Spain and Italy's borrowing costs rose, but then steadied. [WSJ]

The turmoil in Europe is causing the outlook for the British economy to deteriorate, the Bank of England said. [CNBC]

A draft proposalfor the European Union summit would give the EU far-reaching powers to rewrite national budgets for countries that breach debt and deficit rules. [FT]

The Norwegian krone could eclipse the Danish krone as a safe-haven currency, what with the Danish central bank striving to maintain a peg to the euro, analysts said. [Reuters]

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