JPY leads the way in early G10 FX trade.......>

FOREX: JPY leads the way in early G10 FX trade this week, briefly trading below

Y111.00 in early indicative trade, with traders wary on the back of weekend BBG

source reports suggesting that U.S. President Trump was looking at removing Fed

Chair Powell. This has subsequently been played down by members of Trump's

administration and White House staff, with questions over the legality of such a

move apparent. USD/JPY last Y111.05.

- Elsewhere U.S. Tsy Sec Mnuchin called around the large U.S. banks' CEOs, in

what was seemingly a liquidity monitoring exercise. All the banks confirmed that

they have "ample liquidity" and haven't experienced any clearing or margin

issues. Mnuchin is set to convene a call on Monday with the President's working

group on financial markets, which includes officials from the Fed, SEC & CFTC.

- Ex-JPY USD is unchanged to slightly higher vs. the remainder of its G10 FX

counterparts in holiday thinned trading conditions. Japanese markets are closed

today, with various other financial centres providing limited liquidity ahead of

Christmas, with various closures/amended hours apparent across the globe.

- The economic calendar is extremely thin Monday as a result.