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Buoyant equities/commodities supported........>

FOREX: Buoyant equities/commodities supported commodity FX for most of Monday's
session, but the AUD & NZD moved back from best levels late on as equities pared
most of their gains as a report hit revealing that the FBI has raided the office
of Pres. Trump's long-time lawyer Cohen & as Russia's UN envoy noted that Moscow
has warned the US that a military strike in Syria could lead to repercussions.
This allowed the JPY to recover, with USDJPY pressing to session lows ~106.60.
- The USD underperformed as the DXY moved below 90.00. Despite pushing back on
expectations of a near-term NAFTA deal, a conciliatory tone from new WH adviser
Kudlow quashed fears of an immediate trade crackdown between the US & China.
USDCAD went out around session lows, supported by comments from Kudlow, who
noted that there should be more North American FX co-ordination, while Mexico
appeared confident re: a NAFTA deal in principal "for May". USDCAD last trades
circa 1.27 after briefly breaching the figure to the downside.
- GBPUSD benefited from the broader USD weakness, while EUR gained as ECB's
Draghi said that policymakers expect to see continued growth in the Eurozone.
- Risk events in Asia are limited, with focus on an address from President Xi.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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