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 chatter suggested that U.S. Pres. Trump was

unhappy with Fed MonPol under Powell i.e. less easy money, which was later

confirmed in a RTRS interview.

- Trump noted that he disagrees with Fed re: rate hikes & that he is "not

thrilled" with Chair Powell. When asked if he believes that the Fed should be

independent, he said he believes in "what's good for the country" adding "I

should be given some help by the Fed." Trump also noted that he will criticise

the Fed if it continues to raise rates.

- Trump stated that he doesn't "anticipate much" from China trade talks in

Washington later this week, and believes that there is no time frame" for ending

the China trade dispute.

- The rumours prompted the DXY to break outside the day's range and below

Friday's lowest levels, with fresh lows registered on the confirmation

interview, and continuing into the close. USD/JPY now trades sub Y110.00.

- Focus now turns to the RBA meeting minutes due later today.