-- Societe Generale in its early Monday economic news summary pointed out:
-- Brent gains from high of US$108/barrel on Iran proposal to reopen Strait of Hormuz/end the war, postpone nuclear talks (Axios). Iranian Foreign Minister Araghchi meets Russian President Putin on Monday, United States President Trump to meet the national security and foreign policy team. The second round of talks didn't take place in Islamabad.
-- Fed: The Department of Justice dropped a criminal investigation into Federal Reserve Chair Jerome Powell on cost overruns. Senator Tillis (Republican) will support the Kevin Warsh Fed chair appointment.
-- CFTC FX positioning: Euro (EUR) net longs raised to 5.2% of OI, yen (JPY) shorts raised to 26.9%, sterling (GBP) shorts trimmed to 19.8%, Australian dollar (AUD) longs reduced to 23.5%, Canadian dollar (CAD or loonie) longs reduced to 8.3%, Mexican peso (MXN) longs boosted to 34.6%, Nymex longs little changed at 9.7%.
-- Week ahead: FOMC, European Central Bank, Bank of England, Bank of Japan and Bank of Canada forecast to stay on hold. U.S. Q1 gross domestic product first read, PCE inflation. Eurozone flash CPI and Q1 GDP first estimate. Brazil, Chile and Hungary central banks forecast to stay on hold. CPI for Australia and Poland. China NPC meeting.
-- Nikkei 1.2%, EUR 10-year IRS +1.8bps at 3.05%, Brent crude +2.3% at US$107.8/barrel, Gold +0.1% at US$4,712/oz.