The EUR has garnered a bid in early dealing...>

FOREX: The EUR has garnered a bid in early dealing after the Italian President

blocked the formation of the M5S/League govt as a euro-sceptic was proposed as

the economy minister, which will likely send Italy back to the polling booths.

- JPY is also on the back foot as the June 12 US-North Korea summit seems a more

likely proposition than it did 48 hours ago, with Trump seemingly a little more

upbeat on the matter in comments made over the weekend.

- Back on Friday CAD & NOK were the poorest performing currencies among the

majors as the energy complex took another large leg lower on the building of

expectations of an increase in crude supply in H2 this year. Over the weekend

reports suggested that "Joint Technical Committee of OPEC and non-OPEC nations

show that producers' target of reducing global oil stockpiles to 5-year average

was reached in April, and dropped below that." There were also suggestions that

OPEC/Non OPEC nations may agree add up to 1mln bpd worth of production at the

June 22 meeting.

- With the US & UK on holiday focus is set to fall on the Italian & North Korean

developments in early trading this week.