A slide in oil prices put commodity-tied FX...>

FOREX: A slide in oil prices put commodity-tied FX on the back foot at the start

to the week. Although they continue to underperform in the G10 basket, USD/JPY

has been pushing higher for some time as U.S. equity index futures pared initial

losses. This leaves the greenback atop the pile, with EUR also holding up

relatively well. Worth noting that above-forecast acceleration in New Zealand's

CPI inflation brought some modest reprieve to the kiwi, but not for long.

- The combination of rating action and oil price dynamics has sapped MXN. Late

on Friday, Moody's lowered Mexico's credit rating to Baa1 with a negative

outlook and cut Pemex's score to Ba2, keeping the outlook at negative.

- MYR has been dented by weaker crude prices and leads losses in Asian EMFX.

- Today's data docket is fairly thin, includes Canadian wholesale trade sales.

We await China's monthly LPR fixing, due at the bottom of the hour. BoE's

Haldane and Broadbent will hold a briefing.