European Morning Wrap: Euro Sees Some Slippage to Start the Week

Spain October jobless rises 2.7% m/m. By 128,242 taking total to 4.8 million. UGHH!!
Euro zone November sentix index up to -18.8 from -22.2 in October, better than median forecast of -20.0
UK October services PMI falls sharply to 50.6 from 52.2 in September, well  below Reuter's median forecast of 52.0.  Lowest read since December 2010
China's economic destiny in doubt after leadership shock - AEP at The Telegraph

Single currency looking a bit anaemic this morning.  EUR/USD down at 1.2800 from early 1.2830, having been as low as 1.2777.

Asian central bank buying reported around the lows.  Also talk of 1.2775 barrier option interest.  Buy orders seen clustered 1.2750/60, sell stops below there.

USD/JPY touch lower at  80.28 from early 80.38, EUR/JPY down at 102.75 from early 103.10 reflecting euro weakness.

Cable down at 1.5980 from early 1.6030.  Sterling  hasn't managed to gain against the generally weak euro,  EUR/GBP effectively unchanged at .8005.  The release of poor UK services PMI data (see above) didn't help sterling's cause any