-The bulk of Monday trade lacked direction....>

FOREX: -The bulk of Monday trade lacked direction and most major G10 FX traded

well within recent ranges until reports crossed the wires of Trump complaining

that Fed's Powell has not been a 'cheap money Fed chair'. This prompted the DXY

to briefly break outside the day's range and below Friday's lowest levels

(before much of the move was retraced).

-GBP was a modest outperformer after stops were tripped in GBP/USD on the way

through overnight highs. Market sources reported some GBP/USD sell

recommendations out last week hinged on a close below 1.27 and a failure of this

to materialise may have prompted these positions to unwind.

-CNH failed to rise in tandem with CNY despite the PBOC's raised reference rate,

largely due to the pullback in the CNH/CNY rate. As a result, USD/CNY is lower

for the third consecutive session, while USD/CNH is modestly higher.

-Newsflow proved inconsequential with near-term focus shifting to Fed minutes

Wednesday and the beginning of Jackson Hole Friday.