A modest burst of USD weakness was apparent...>

FOREX: A modest burst of USD weakness was apparent in early Asia-Pacific

dealing, with pressure on USDJPY leading the way. Talk of a large bid between

105.80-85 being pulled help the pair move lower, although USDJPY's Mar 16 low of

105.60 has helped contain JPY strength. EUR & GBP have also moved higher vs.

USD, with some notable nearby EURUSD option expiries in play on Thursday.

- Elsewhere a disappointing Australian labour market report alongside a flatter

domestic yield curve led to AUD underperformance. The NZD traded flat against

the greenback, as outgoing RBNZ Gov. Spencer noted that forecasts still assume

some NZD depreciation, although he did point out that "NZD is in the vicinity of

fair value." The RBNZ decision provided few points of interest as the central

bank stood pat.

- USDCAD has operated under 1.2900 for the bulk of the session.

- Risk events today include the BoE MonPol Decision, UK Retail Sales & an

address from BoC Senior Dep. Gov. Wilkins.