Risk-off flows have been evident across the...>

FOREX: Risk-off flows have been evident across the G10 FX space, accelerating

despite lack of apparent drivers in the way of fresh headlines. Sentiment is

likely damaged by Friday's round of combative rhetoric from U.S. Pres Trump re:

trade relations with China. 

- Safe haven FX have outperformed at the cost of the Antipodeans. The yen tops

the G10 pile, even as market closure in Japan saps liquidity.

- Cable printed a new cycle low of $1.2015 before briefly ticking away from its

worst levels as the Times reported that MPs are plotting to force Boris Johnson

to ask for another Brexit extension. It has pared those gains since, and

continues to hover just above $1.2015.

- U.S.-China matters & North Korea-South Korea tensions have weighed on KRW, but

USD/KRW still operates well shy of last week's YtD highs. U.S. Pres Trump said

he received another letter from North Korea's leader Kim, who offered "a small

apology" for recent missile tests; S. Korea said they exp. them to continue.

- Today's docket is very thin, includes U.S. Tsy monthly budget statement.

Market holidays are observed in Japan, Singapore, India, Thailand and Malaysia.