The JPY has outperformed in Asia-Pacific......>

FOREX: The JPY has outperformed in Asia-Pacific hours, although it has only

managed to lodge modest gains, with USDJPY operating sub-111.0 for the majority

of the session. BoJ Gov. Kuroda & Deputy Gov. Wakatabe offered little fresh in

the way of the insights into MonPol. Kuroda suggested that the BoJ is on the

right path, while noting that we shouldn't expect the average duration of the

BoJ's JGB holdings to change by much. Wakatabe noted that the BoJ could do more

re: easing if required, but stressed that such a move wasn't his base case.

- GBPUSD stopped short of the 50%/61.8% retracement of the 1.3493-1.3391 move

(1.3442-54) in early dealing, and last trades at 1.3420. EURUSD last 1.1790,

back from highs just shy of 1.1800, with Italy's President due to meet with the

M5S & League leaders after receiving their PM nomination. Sources noted decent

interest in the 1.1823 June 4 EURUSD calls during Monday's London/NY session,

with some EUR1.5bln changing hands. The antipodeans stuck to a tight range.

- BoE policymakers are due to speak in front of the TSC on Tuesday, while the

next round of Brexit negotiations get underway & Italy's Pres is due to meet

with the M5S & League party leaders after receiving their PM nominations.