The JPY was the outperformer, with the USD....>

FOREX: The JPY was the outperformer, with the USD moving lower. The JPY

continued to garner strength on the back of Friday's source report re: BOJ

policy adjustments, although BOJ Gov. Kuroda used a weekend address to note that

he knows nothing re: the basis of the reports. The JPY crosses experienced a

brief relief rally as the BOJ announced its first fixed rate JGB buying op

(covering 10-Year JGBs) since Feb, before the JPY continued its move higher.

USD/JPY now trades below the daily bull channel base off of the March lows.

- The Antipodeans have benefitted from the USD weakness & CNY's strength.

- GBP ignored the weekend Brexit headlines including Brexit Min Raab noting that

"Britain will refuse to pay its GBP39bn divorce bill to Brussels if the EU fails

to agree a trade deal." Elsewhere, the Guardian reported that "the UK will not

be saved from crashing out of the EU via an extension of the article 50

negotiations unless there is a major realignment in British politics." The FT

reported that Brussels has rejected the UK's proposals on how to govern the City

of London's access to the European market after Brexit.

- Monday provides a quiet start to the week, in terms of the economic docket.