The sharp sell-off in peripheral European equity indices was largely ignored by FX markets on Monday, as the EUR showed signs of bullish resilience. EUR/USD maintained traction above the 1.2875 range lows and basing signs (Doji candles) in EUR/GBP and EUR/CHF stalled last weeks sell-off as investors bought at lower levels. Given the approaching festive season, it is likely that these lows help to form the base of a range for the time being.
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Barclays Capital