May's last minute trip sends GBP to the top...>

FOREX: May's last minute trip sends GBP to the top

-UK PM May kept markets on their toes Monday, departing for Strasbourg at very

short notice in a last ditch attempt to seal changes to her Brexit bill. The BBC

reported that senior lawmakers believe No10 has "some kind of deal to put to

Parliament", raising the PM's chances of getting her deal past parliament

(although the odds remain firmly stacked against her). GBP enjoyed the news,

rallying north of $1.31 and extending the rally from the day's lows to as much

as 1.5%. Bulls now eye the 50% retracement of the $1.4377-1.2441 move at $1.3409

for direction.

-NOK was the only currency to outstrip GBP Monday, with domestic inflation data

underpinning a firm rally against all others. EUR/NOK dropped comfortably below

the 50-dma (9.7607) on the move.

-The USD index lagged slightly, alongside the JPY, as equity markets edged

higher globally. Attention turns to Australian NAB Business Conditions, UK

industrial production, US CPI and speeches from RBA's Debelle, Fed's Brainard

and ECB's Lautenschlaeger.