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EUR Sluggish on Slipping European Equities

FOREX

The EUR trades poorly despite initially holding up well in Asia-Pac hours. The single currency came under some selling pressure alongside the poor cash equity open in Europe, with German stocks coming under particular pressure as software giant SAP fell as much as 20% on a downward revision to their outlook.

EUR/USD is still well away from Friday's lows at 1.1787 which provide initial support, but persistent USD pressure could see the pair test the mark ahead of Monday's close.

Petrocurrencies are soft to start the week, with NOK and CAD falling against all others in G10 on a further pullback in crude. WTI and Brent futures trade lower by as much as 2.5%, with increased Libyan output responsible.

TRY hit another alltime low on worsening diplomatic relations with France, while USD/CNH extended its bounce after sanctioning US defense firms on Taiwanese weapons deals.

US new home sales and Dallas Fed manufacturing activity data are the calendar highlights. ECB's de Cos is due to speak, but the Fed speaker schedule is empty as the bank enters the media blackout period ahead of next week's policy decision.

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