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EU Summit Hangs Over Euro, British Pound Gets a Lift

Wednesday, 27 Jun 2012 | 8:24 AM ET

The euro steadies ahead of the summit and the British go shopping - it's time for your FX Fix.

Germany's Angela Merkel said there were no quick euro zone fixes, even as Spain's Mariano Rajoy warned that Spain's borrowing rates are unsustainable. [CNBC]

The euro traded in a tight range as investors failed to identify a clear direction ahead of the EU summit. [WSJ]

Stronger than expected retail sales data gave the British pound a bounce. [fxstreet.com]

Pre-EU summit jitters failed to dent the Australian and New Zealand dollars, but investors seemed to be avoiding taking large positions. [CNBC]

A Chinese official says the yuan will face serious depreciation pressure this year, possibly prompting intervention. [WSJ]

China will promote the further development of the offshore yuan market in Hong Kong. [Reuters]

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