Euro Gets a Lift, Pound Takes a Hit

Spain's crisis budget lifts the euro and the Japanese go shopping - it's time for your FX Fix.

Spain's tough new budget boosted hopes that it is a prelude to an aid program and lifted the euro. [CNBC]

Japan's industrial production contracted but retail trade grew, and the yen was little changed. [dailyfx.com]

Weak U.K. Index of Services figures sent the British pound lower against the dollar. [fxstreet.com]

Hope that Spain's crisis budget presages a bailout boosted risk appetite and lifted commodity currencies in Asian trading. [Reuters]

With QE3 weighing on the dollar, the yuan hit its highest relative level since being depegged seven years ago. [WSJ]

Iran has revived a multiple-rate currency system last used after its war with Iraq, but the rial's crisis continues. [FT]

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