Forex today seems to have largely ignored the uncertainty surrounding the United Kingdom’s exit from the European Union, except for the initial downbeat reaction to the weekend Brexit headlines.

The reason becomes upbeat trade headlines as conveyed by the South China Morning Post. In addition to this, a lack of major rate change by the People’s Bank of China and positive comments from China’s State Planner also favours the risk tone.

However, incoming European Central Bank (ECB) President Christine Lagarde seems too worried about the global trade and so do the global Financial Chiefs gathered at the joint International Monetary Fund (IMF)-World Bank meetings over the weekend.

With this, the US Dollar (USD) stays an inch stronger against the Euro and the British Pound. Further, risk-tone recovers and weakens the Japanese Yen.

With the EU still to approve the UK’s Brexit extension request and the British Parliament left to debate/vote Prime Minister Boris Johnson’s plan, headlines concerning the UK’s departure will be the key to watch. Also spicing the issue is the opposition Labour party’s readiness to put forward another referendum.

Moving on, the economic calendar is mostly silent as the US Federal reserve officials enter the blackout period. However, comments from the Bank of England (BOE) policymaker and German Producer Price Index (PPI) data will also be observed for intermediate action.

Oil ended -0.7% lower on Friday, printing a low of $53.34 for the day. In Asia, the markets are quiet, in anticipation of Brexit noise on an otherwise quiet data calendar.

Gold has remained side-lined near $1,490 after PBOC's rate decision. The yellow metal has been restricted largely to a narrow range of $1,500 to $1,480 since last Monday and is currently trading at $1490 per Oz, representing little change on the day.