FOREX SUMMARY

USD started the European early session on the back foot, in the red against most G10s, but the Greenback has now pared losses and trend in the Green.

• Turnovers in G10s are running circa 20%-30% of the 5 day averages, with most desk on the sideline ahead of the ECB.
• As our Preview noted: This week's ECB meeting is widely expected to be a low-risk event.
• Nonetheless, competing views on the economic trajectory and the lifespan of PEPP are starting to emerge, which could come into sharper focus by the time of the June meeting.
• The Kiwi and the Pound are the worst performers against the Dollar, down 0.51% and 0.21% respectively.
• Cable led the way lower, with a quick 22 pip drop as we broke the early morning tight range.
• Cable is near yesterday's low, hovering around the 1.3900 figure (1.3886 was yesterday's low).
• The Kiwi is down against all majors, initially led by some AUDNZD buying interest overnight, but picked up further downside momentum versus the NOK this morning, down 0.62% versus the latter.
• Looking ahead, focus turns to the ECB and presser, EC Consumer Confidence is the last EU data left on the calendar.
• On the other side of the pound, US IJC is the most notable data