Comments from RBA Gov Lowe inspired...........>

FOREX: Comments from RBA Gov Lowe inspired appetite for AUD, which is easily the

best G10 performer. RBA chief struck a cautious note with regard to the

effectiveness of further monetary policy easing, while failing to signal more

rate cuts despite stating last Thursday that it would not be unrealistic to

expect them. Lowe also called for more fiscal spending from the gov't.

- Risk-on flows delivered a blow to safe haven FX; the Nikkei 225 moved into

positive territory, while U.S. equity futures advanced steadily.

- Oil-tied FX benefited somewhat from firmer crude prices, owing to the touted

U.S. sanctions against Iran, to be announced later today.

- CNY weakened as today's PBoC fixing was softer than Friday's & RTRS estimate.

- EUR/USD posted an early uptick as the FT reported that the EU will hold off

the disciplinary procedure against Italy this week.

- TRY staged a rally as the opposition candidate won by a considerable margin in

a rerun of a mayoral election in Istanbul, damaging Pres Erdogan's position.

- Focus today turns to German Ifo survey, as well as m'fing activity gauges from

U.S. Dallas Fed & Chicago Fed.