Little to pen for the major FX space in.......>

FOREX: Little to pen for the major FX space in early trade. Tight ranges for the

majors vs. USD since the "official" open.

- Early focus on the effects of the European elections, although results haven't

hugely deviated from projections. Lib Dems & Greens have been the biggest

winners across the continent. The populist surge has seemingly been nowhere near

as fierce as some had foretold. Exit polls point to losses for the 2 major

parties in the EU elections (the EPP & Social Democrats), with greater

fragmentation observed. The EPP (centre-right) is exp. to hold the most seats,

with the Social Democrats seen as the 2nd largest. Worth highlighting that the

EPP will not hold an outright majority. The Brexit Party & the Lib Dems have

been the big winners in the UK.

- A limited docket in Asia, with Chinese Industrial Profits & BoJ Rinban

operations providing the highlights.