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GBP on top for second session -After a........>

FOREX: GBP on top for second session
-After a quiet Asia-Pacific session (courtesy of market holidays across mainland
China and Japan) sterling sits stronger for a second consecutive session,
although yesterday's highs in GBP/USD remain out of reach for now. With UK
cabinet agreeing to back PM May's Brexit plans, it appears the PM is being
spared calls to resign for now. Ranges remain tight, awaiting the arrival of US
-Scandi currencies also look strong, with both NOK and SEK rising against the
wider G10 basket. Firmer oil prices helping support the NOK, dragging the SEK
higher in tandem, despite domestic political problems. EUR slipped lower as
ECB's Praet talked down the importance of Draghi's hawkish tones in Brussels
-Dollar trading has been thin, with the DXY trading well inside Monday's range
so far. Markets look ahead to tomorrow's expected rate hike from the Fed for
short-term direction. US consumer confidence is the calendar highlight, but
speeches are also due from ECB's Praet and Coeure.

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