In the absence of major data releases and.....>

FOREX: In the absence of major data releases and news headlines, price action in

the G10 FX space has been relatively range-bound thus far, with sterling

currently sitting atop the G10 pile.

- USD/JPY has failed to break above its YTD high of Y112.14 as yet and ebbed

back to unch. levels, with the Nikkei 225 posting gains from off. As a reminder,

U.S.-Japan trade talks will commence later today. NHK reported that U.S. Tsy Sec

Mnuchin said that he expects a currency clause in any bilateral trade deal.

- CAD has underperformed at the margin, as WTI ebbed ~0.5% lower. The weekend

saw BoC Gov Poloz note that the probability of further rate hikes is a

"data-dependent question." Worth noting that on Friday Canadian FinMin Morneau

called the past hikes "positive and appropriate steps." Some point to political

uncertainty linked to the general election in the oil-rich Alberta province, due

Tuesday, as another factor weighing on CAD.

- Focus today turns to U.S. Empire m'fing & Italian gov't debt. Central bank

rhetoric will be provided by BoE's Haskel, ECB's Villeroy and Fed's Evans.