After a night of volatility triggered by......>

FOREX: After a night of volatility triggered by Gary Cohn's departure,

Wednesday's European and US sessions were far quieter with most major pairs

sitting around unchanged levels.

- The JPY began European dealing on the front foot but moved back to near

unchanged levels vs. USD as equities recovered & we operate at 106.15 in early

Asia-Pacific dealing.

- Commodity currencies had a tough day with metals, oil and agricultural

commodities falling pretty sharply. The Bank of Canada kept rates unchanged, in

line with expectations, although it sounded a little more cautious on the

outlook for trade. USDCAD failed to break above the 1.30 with talk of tariff

carve outs for Canada & Mexico allowing the CAD & MXN to recover, while NZD &

AUD pared their respective losses vs. USD.

- GBP traded higher on little news, with an acceptable transition deal for the

EU & UK still somewhat of a pipedream, although cable has surpassed 1.3900.

- The EUR was relatively range bound, as focus turns to tomorrow's ECB rate

decision, with participants on the lookout for any tweak in the ECB's language.