The EUR/USD could test 1.2750 as "markets are now hopeful that a banking union deal and an agreement on the ESM's use for sovereign debt will be announced at the EU Summit at the end of next week," says BNZ FX Strategist Mike Jones in a morning report. "No decisive action would take a heavy toll on the EUR," he adds. The pair is at 1.2705 early in New Zealand, largely unchanged from late in New York.
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