Mixed picture ahead of stacked week...........>

FOREX: Mixed picture ahead of stacked week

-Currency markets largely picked up where they left off Monday, with recent

ranges respected and theme and drivers carrying over the weekend. Equity markets

are mirroring currencies and look directionless, although US index futures hold

close to one-month highs.

-CHF sits slightly lower, helping EUR/CHF trade higher for a third session and

near the 50-dma at 1.0969. Weekly sight deposits data showed the SNB declined to

intervene in FX last week, coinciding with the cycle low printed Wednesday at

1.0812.

-GBP has been slightly livelier than its G10 counterparts as early weakness was

erased into the NY crossover. GBP/USD was further helped north $1.23 as GDP beat

expectations. PM Johnson is meeting his Irish counterpart this morning ahead of

another vote to secure a General Election (not expected to pass).

-The data calendar is empty Monday and with the Fed now officially in the

blackout period, the speaker slate is also quiet. ECB's Hakkarainen is due to

speak at 1320BST/0820ET.