US investors returned from their long weekend and resumed trading as they had left off the week before: selling the euro and buying the dollar. Eurozone troubles remain a clear concern and with the euro sliding to a new 2012 low for the year today against the USD, CAD and TRY, near-term risks are for further weakness. EUR/USD selling again in the US timezone at current low levels would risk a capitulation clearout towards the low of the past five years.
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Barclays Capital