Euro Slips on Gloom, Dollar Dips on Strength

The European Union summit looms, and the news gets worse from Britain - it's time for your FX Fix.

Dimming prospects for progress at the European Union leaders' summit sent the euro lower. [CNBC]

Germany may be willing to move sooner than expected on shared liability for euro zone debt, Finance Minister Wolfgang Schauble said. [WSJ]

Encouraging U.S. economic data on durable goods and home sales reduced prospects for further stimulus and sent the dollar lower in Asian trading. [RTT]

The Australian and New Zealand dollars staged surprise rallies ahead of the EU summit. [CNBC]

Britain's double dip recession was confirmed by a downward revision of fourth quarter GDP, and the pound dipped slightly. [actionforex.com]

Moody's downgraded eight Brazilian banks and the country's stock exchange operator, citing emerging markets' vulneratiblity to the euro zone debt crisis. [FT]

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