Sterling shining ahead of further wave of.....>

FOREX: Sterling shining ahead of further wave of Brexit votes

-Despite UK parliament today not expected to indicate a firm majority for any

particular form of Brexit, GBP is the best performer in G10 Monday, getting a

welcome boost from particularly firm manufacturing PMI numbers for March: 55.1

vs. Exp. 51.2. While much of the PMI boost was down to stockpiling (the

stockpiling sub-index hit the highest levels ever recorded for a G7 country).

This helped lift GBP/USD through the $1.31 handle to target last week's highs at

$1.3269.

-Modest risk-on trickled through from the Asia-Pac session and throughout Europe

and the US. The S&P 500 charted a 'golden cross' (50-dma > 200-dma) for the

first time since early 2016, helping lift USD/JPY further to top out just shy of

Y111.50.

-A raft of poor US data (retail sales, manufacturing PMI) dented the USD

somewhat, but the index looks on track to finish positively.

-Attention turns to the RBA rate decision, Eurozone PPI and US durable goods

orders for February.