• Trades off 0.35% in a very busy 1.2511-1.2571 range with the USD up 0.4%

• USD up as Trump pledged 25% tariffs on Canada and Mexico, extra 10% on China

• Modest risk off - E-mini S&P and Nasdaq e-mini -0.1%, 10yr UST +3bp 4.473%

• UK's shop prices fell less sharply in November, BRC survey shows

• Charts - neutral daily momentum studies, 21-day Bollinger bands ease

• 5, 10 & 21-day moving averages head lower - a negative trending setup

• Friday's 1.2475 low and then the 1.2446 May low are initial supports

• A close above last week's 1.2713 high would be a positive signal

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