A quiet session overnight has seen volumes...>

DOLLAR: A quiet session overnight has seen volumes remain light with FX major

currency pairs tied to narrow range trade. The early risk-off tone was faded

with the dollar registering modest gains against GBP and losses via NOK & SEK at

the European crossover.

- The DXY remains in consolidation mode with trade largely held to 97.35-45.

Topside focus remains on last week's high at 97.71, a break opens the Jun 20

2017 high at 97.87, expect protection behind on approach to the 98 level (97.98

- 61.8% 103.82-88.54). While a downside break of 97 brings the 50% retracement

of 95.82-97.71 & 100-dma back into view at 96.77/55.

- Gold recoveries have so far failed to build above $1300, the 55-dma provides

the first layer of resistance at $1300.56, above here opens a move towards

$1304.15 which represnts the 50% retracement of $1327.35-1280.94.

- WTI and Brent both sit around $0.30 higher than settlement at typing.

- US Retail Sales the main highlight today at 1230GMT, forecasts are expected to

rebound strongly after a dip in January following the government shutdown.