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GBP/USD touches YTD low as prospect of 'no....>

FOREX
FOREX: GBP/USD touches YTD low as prospect of 'no deal' Brexit looms large
-UK Trade Secretary Liam Fox's pessimism on the prospect of the UK leaving the
EU without a trade deal over the weekend weighed on GBP sentiment from the
get-go, briefly pressing GBP/USD to YTD lows of $1.2954 ahead of the NY
crossover. Today's move in GBP coincides with MNI's FX Positioning Indicator for
GBP dropping to its lowest levels since the wake of the EU referendum in the
most recent week.
-CAD also underperformed as Saudi Arabia severed investment ties with Canada
after a spat over Canada's call for the release of political activists,
prompting a 30 pip rally in USD/CAD that's persisted ahead of the NY crossover.
-The DXY trades slightly stronger, despite little domestic news to drive the
currency higher. CFTC data shows USD short positions being closed at a faster
rate in the CoT report, evident in USD speculator's largest net long position
since the wake of the 2016 election.
-Datapoints few and far between Monday, with focus turning to Reserve Bank of
Australia rate decision due Tuesday.

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