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EUR/USD update (27th June 2012, 15:15)

The euro eased by 0.06% to $1.2483 as mixed views on the outcome of the summit kept traders on the sidelines. 

The EU summit was back in the spotlight as European leaders struggle to find mutually acceptable solutions to the crisis.

Spain's prime minister Mariano Rajoy has called for a fiscal and banking union for Europe, as he says the current level of interest the country is paying is unsustainable in the long run. On the other hand, German chancellor Angela Merkel has clarified her position by saying Germany will never participate in a joint debt sharing programme.

Germany seems increasingly isolated in its position, with France, Italy and Spain showing a united front ahead of the all-important meeting on Thursday and Friday. So far, investors remain in wait-and-see mode ahead of the summit.

Earlier today, the currency fell as the Italian debt sale took place, where €9 billion worth of 185-day bills were put up for auction. This saw yields shoot up to 2.957% from 2.104% on 29 May, though the maximum target was reached. 
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EUR/USD update (27th June 2012, 15:15)

The euro eased by 0.06% to $1.2483 as mixed views on the outcome of the summit kept traders on the sidelines. 

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