A muted session overnight with few data releases of note to drive sentiment and direction. EUR was mildly positive at the onset as a result of leftover bullishness from Friday’s move, but barely managed above 1.37 versus the USD before reversing. German industrial production was below forecast (+0.6% m/m vs. +1.0% expected, +1.6% prior) and took some of the shine off the EUR while Moody’s caution on Portuguese banks escalated the slide. GBP was again an under-performer following comments from BOE’s Barker, and came under increasing pressure in the Asian session.
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