Furtive risk appetite as equity futures hit...>

FOREX: Furtive risk appetite as equity futures hit new highs

-JPY sits at the bottom of the G10 FX pile after a firm session for Asia-Pac

equities. The Nikkei 225 held close to the best levels of 2019 after adding

around 0.5% overnight, with Hong Kong and Chinese markets also firmer. US equity

futures are following suit and indicate a better open Monday (the e-mini S&P hit

a new all-time high this morning) which has filtered through to currencies to

begin the week. This has resulted in a modestly weaker greenback, keeping the

DXY south of the 100-dma in a quiet session so far.

-Elsewhere, GBP spot and vols continue to inch higher ahead of the further

electioneering this week. The Conservative lead in opinion polling extended over

the weekend, with markets now appearing to price in a greater chance of a

Conservative majority government after the Dec12 election. GBP/USD firmed back

above $1.2950 and now eyes resistance at the $1.2976 and $1.3012 levels.

-The data calendar is typically quiet for a Monday, with the sole highlights

speeches from ECB's de Cos and Lane and Fed's Mester.