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Euro Weakens After ECB, EU Leaders Fail to Boost Confidence

The euro fell against the majority of its most-traded counterparts after a European Union agreement for tighter fiscal controls failed to convince investors the region’s two-year financial crisis is closer to a resolution.

The 17-nation currency weakened for the fifth week in the past six against the dollar on speculation leaders would struggle to institute tougher anti-deficit rules and as European Central Bank President Mario Draghi damped speculation the central bank to step up its bond-buying. The pound was one of the best performers this week as U.K. Prime Minister David Cameron said he would not sacrifice sovereignty to save the euro. The Dollar Index fell for a second week amid better-than-forecast economic data before the Federal Reserve meets Dec. 13.