Equities stand up well ahead of earnings......>

FOREX: Equities stand up well ahead of earnings frenzy

- Close to half of the S&P500 by index weighting report earnings this week, with

some of the world's biggest companies are due including Alphabet, Facebook,

Microsoft, Apple and Amazon. Ahead of these releases, equity indices are

generally higher, with European markets up over 1% apiece. Last week's highs

remain out of reach for the EuroStoxx 50, but the e-mini S&P is outperforming

and could test the recovery high at 2885 as soon as today.

- In currency markets, JPY is mixed and non-directional following the Bank of

Japan's decision to drop self-imposed limits on government bond purchases and up

their buys of corporate paper. The decision was alongside expectations, but sets

a firm tone ahead of decisions from the Fed and ECB later this week.

- AUD is on the front foot in early trade as markets welcome some states'

decisions to ease lockdown restrictions after seeing the outbreak as contained.

A further trimming of short AUD positions via CFTC data also helped AUD/USD

through the April highs and the best levels since March 12th.

- There are no data releases or speakers of note Monday.