N.Y. FX Outlook
N.Y. FX Outlook: Aside from the pound, which is softer due to increased U.K. political uncertainty, the dollar is lower to start the week. EUR-USD trades near 1.1225, finding support from pro-EU election outcomes in France and Italy, while USD-JPY is back under 110.00, on the back of a soft global risk backdrop. USD-CAD traded to 1.3432 lows as WTI crude reclaimed the $46.50 mark. U.S. markets will be turning their attention to the FOMC meeting after last week's major risk events, including the ECB meeting, the Comey testimony, and the not-so-much-as-expected U.K. elections played out with not too much market impact. The Treasury's auctions will highlight given a light economic calendar. The debt managers are selling $24 B in 3-year notes and $20 B in re-opened 10-year notes, condensed on Monday to avoid the FOMC meeting on Wednesday. The May Treasury budget will be released.