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Extending Losses


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(Z1) Corrective Bounce


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  • EUR trades on the back foot, with EUR/USD edging back below the 1.17 mark as EGB yields creep higher in tandem. The moves follow the outcome of the German election, which showed a very marginal victory for the Social Democrats, setting up weeks of negotiations and discussions in an attempt to form a governing coalition.
  • GBP trades well, with the currency higher against all others in G10 as the UK curve continues to steepen after last week's BoE decision. Progress through last week's 1.3751 opens the 50-dma at 1.3789.
  • SEK, CHF and EUR are among the poorest performers, while GBP, AUD trade most favourably.
  • Monday's data slate focuses on August US durable goods orders, with Dallas Fed Manufacturing Activity also on the docket. The central bank speaker slate could be of more interest - with Lagarde, Visco & de Cos of the ECB, Evans, Williams & Brainard of the Fed and lastly BoE's Bailey.