Oil-tied FX follows crude higher as US set....>

FOREX: Oil-tied FX follows crude higher as US set to end Iran oil waivers

-Reports that the US are to end waivers that allow countries and corporations to

buy Iranian oil without facing sanctions following their expiration sent crude

oil benchmarks surging Monday. Oil-tied FX, namely CAD and NOK, followed

commodities higher, outperforming all others in G10 so far Monday. Countries

facing the largest impact will likely be India and China - two significant

Iranian oil importers - prompting both CNH and INR to trade markedly weaker on a

quiet Easter-struck Monday trading session. USD/INR hit the highest levels since

early March, closing in on the 50-dma at 70.0246.

-Elsewhere, the majors trade quietly with many market centres closed for

business until tomorrow. The data calendar and speaker slate has been quiet, but

the US are due to release Chicago Fed National Activity Index and March existing

home sales cross at 1500BST.

-Focus turns to rate decisions due later this week from the Bank of Canada and

Bank of Japan.