Fiscal Union To Be Enshrined in New Stability Pact, EFSF Changes to be Approved

There were a couple of positive developments in the euro zone sovereign debt crisis that led to some sense of risk optimism in currency markets. That meant that the dollar and yen were weaker against riskier, higher-yielding currencies including the euro and pound, and the commodity bloc currencies – Australian, New Zealand, and Canadian dollars. Germany spurned investor calls to maximise financial firepower to calm markets, saying its fast- track proposals for European Union treaty change to

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