JPY on the front foot as equities retreat.....>

FOREX: JPY on the front foot as equities retreat

-JPY modestly outperforms early Monday, with the EUR not far behind, as European

equity markets pull back slightly alongside US futures. Asia-Pacific markets,

however, gained following a slew of Chinese economic release: GDP was inline

with expectations at 6.4% Y/Y, but retail sales and industrial production fared

slightly better than forecast. USD/JPY slipped as low as Y109.48 in early Asia

but has recovered slightly ahead of the NY crossover with ranges across most

major pairs particularly tight and non-directional.

-GBP, however, underperforms as the clock continues to tick for PM May's Brexit

deal. Reports over the weekend show her attempts to hold cross-party talks with

the opposition Labour Party failed, leaving her to rely on her Conservative

Party colleagues, who remain equally divided. She speaks to UK Parliament this

afternoon.

-Data is few and far between Monday, with just an appearance from ECB's Costa on

the docket. US markets remain closed for MLK Day, keeping focus on Europe for

now.