The euro came off from early highs against its most major opponents in European trading on Monday, after the release of Eurozone private sector data that logged a moderate growth across manufacturing and service sectors in December.

Flash survey data from IHS Markit showed that Eurozone composite output index held steady at 50.6 in December, signaling a very modest growth across manufacturing and service sectors. The score was slightly above the forecast of 50.5.

The services Purchasing Managers' Index advanced more-than-expected to 52.4 from 51.9 in the previous month. The expected reading was 52.0.

But factory PMI declined further in December, to 45.9 from 46.9 in November. The reading was forecast to improve to 47.3.

In Germany, the private sector contracted again with growth across the service sector continued to be offset by a downturn in manufacturing.

The composite output index held steady at 49.4 in December. The score was forecast to rise to 50.1.

The services PMI improved to a four-month high of 52.0 from 51.7 a month ago. Nonetheless, the score was below the forecast of 52.3.

Meanwhile, the manufacturing PMI dropped to 43.4 in December from 44.1 in the previous month. The expected reading was 45.0.

The single currency pared gains to 1.1126 against the greenback, from a high of 1.1151 hit at 2:30 am ET. The next possible support for the euro is seen around the 1.09 level.

The euro retreated slightly to 1.0947 against the franc and 121.77 against the yen, from early highs of 1.0960 and 121.99, respectively. If the euro slides further, it may find support around 1.06 against the franc and 118.00 against the yen.

Meanwhile, the euro bounced off to 0.8352 against the pound, from a low of 0.8302 hit at 1:45 am ET. The euro is seen locating resistance around the 0.86 level.

Flash survey results from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK private sector activity contracted the most since mid-2016.

The composite output index fell to 48.5 in December from 49.3 in November. Economists had forecast the score to rise to 49.5.

Looking ahead, Canada existing home sales for November, New York Fed's empire manufacturing survey and NAHB housing market index for December are set for release in the New York session.

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