Euro falters after biggest weekly rise
The euro slipped on Monday after posting its biggest weekly rise in a month as traders took profits, though markets were wary of chasing the currency lower before an European Central Bank policy meeting next week.
With some political uncertainty in the form of an approaching deadline over Catalonia's bid for independence and Austria's election outcome, investors moved to the sidelines.
“ECB expectations will be the main driver for the euro and we see the overall trajectory of the euro higher, though there may be some consolidation after the heavy buying in recent weeks,” said Manuel Oliveri, an FX strategist at Credit Agricole in London.
The single currency EUR=EBS fell 0.3 percent to $1.1780 in early trades. It rose 0.8 percent last week, its biggest weekly rise in a month, according to Thomson Reuters data.
Catalan leader Carles Puigdemont has until 10:00 a.m. local (0800 GMT) on Monday to clarify whether he is calling for the region's independence from Spain, with Madrid threatening a return to direct rule if his stance remains ambiguous.
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