GBP outperformance was seen early on as UK....>

FOREX: GBP outperformance was seen early on as UK retail sales beat exp.,

prompting GBPUSD to trade > 1.3400, although the move was short lived. GBP was

unreactive to comments from BoE's Carney & Ramsden as they stuck to the MPC's

central message. Risk off flows in yesterday's Asia-Pac session spilled into

Europe which supported JPY & CHF, with the safe havens further bolstered by

Trump's decision to withdraw from the North Korea summit, although USDJPY &

USDCHF moved away from lows after Trump noted that he is open to a meeting with

Kim if the North's attitudes/actions change. North Korea has stressed that it is

open to discussions going forwards. The recent North Korean comments have seen

USDJPY edge slightly higher to last deal at 109.25, lows of 108.96 were printed

in the NY session. USDJPY needs to close below 108.32, its 100-DMA, to confirm a

deeper correction. CAD was the poorest performer as oil fell despite the

heightened geopolitical tensions on the Korean peninsula, with Russia's energy

minister raising the prospect of OPEC+ easing their multi-year supply curbs.

- German IFO, UK GDP & US Uni. of Michigan hit on Friday. We will also get

comments from Fed Chair Powell, Bostic, Kaplan & Harker and ECB's Praet.