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• The dollar is furtively firmer, but markets trade with little conviction early Monday having digested comments from US Treasury Secretary Bessent over the weekend. Bessent talked up the progress of trade talks and negotiations with other parties after a meeting with his Japanese counterpart today - and stated that "some talks are moving well, especially with Asia".
• Equity futures are firmer across Europe, but lag somewhat in the US ahead of a busy earnings week. Earnings from Microsoft, Meta Platforms, Amazon and Apple are all due - covering a large swathe of the Magnificent Seven megacaps.
• Across G10, GBP trades well, gaining moderately against all others. Nonetheless, GBP/USD remains below last week's highs - which mark first resistance at 1.3349. Clearance above here opens more challenging levels at the cycle high of 1.3424 posted on the last USD slide. UK data is few and far between this week, however local election results on Thursday will provide the latest insight into how Starmer's government is performing inside the first year.
• It's a quiet data session to begin the week, with risk events and releases picking up across the week - culminating in MNI Chicago PMI on Wednesday, and the Payrolls report following on Friday. The Fed remain inside their pre-meeting media blackout, meaning central bank speak should be muted into next week's decision. ECB's Rehn and de Guindos are set to appear.