A quiet session for Asia on Monday, thin......>

FOREX: A quiet session for Asia on Monday, thin volumes and lack of news flow

with Japanese markets closed for the Foundation Day holiday. A weaker US dollar

has been the main driver of price action in generally risk on trade in forex.

Debt worries and the impending budget and infrastructure bill releases have

weighed on the greenback which is lower against all of its major counterparts,

albeit somewhat marginally. The dollar index (DXY) last down 0.310 at 90.312.

- The EUR has led the way higher following some weekend comments from the ECB's

Nowotny, although he didn't offer up anything particularly headline worthy, he

stressed the well-known sequencing of ECB policy normalization process and

reiterated his belief that the central bank's APP will not be required, at least

in currents state, after September. EUR/USD last up 32 pips at 1.2283. GBP also

performed well, helped higher by a weaker US dollar cable tripped some stops at

1.3850 to rise to session highs of 1.3873.

- Aussie and kiwi both higher, Aussie outperforming on AUD/NZD flows with

chatter of macro funds buying earlier. The PBoC set USD/CNY lower at 6.3001

(prev. 6.3194), the PBoC skipped OMOs for the 14th day, longest run since 2016.