GBP retreats ahead of Brexit-heavy week -UK...>

FOREX: GBP retreats ahead of Brexit-heavy week

-UK Parliament votes on a number of key Brexit amendments this week in what's

likely to be a busy week for Sterling. Investors are clearly beginning the week

on a cautious note, with GBP pulling back against all others in G10. Tuesday

1900GMT marks the first key vote, but amendments must be tabled first, with the

Cooper amendment (would give ministers a vote on whether to request an Article

50 extension) and the 1922 Committee amendment (would switch out the Irish

backstop with so-called 'alternative' arrangements) seen as the most important.

-The cautious tone has benefited safe havens, with JPY and CHF stronger Monday

morning, as USD sits broadly unchanged ahead of the Fed rate decision later this

week. Elsewhere, commodity-tied currencies trade poorly as WTI and Brent crude

futures look to revisit the lows of last week.

-Datapoints are few and far between today, but the speaker slate is busy: ECB's

Draghi speaks in Brussels (but is unlikely to cover any new ground) followed by

BoE's Carney, Broadbent and Ramsden speaking at 1430GMT.