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-After a weak start to the Asian trading......>

FOREX
FOREX: -After a weak start to the Asian trading day, JPY weakness extended
throughout European and US hours, helping lift USD/JPY back above the Y113.50
mark for the first time since Nov16. Equities in the US ebbed higher after a
particularly poor Thanksgiving week, with the main indices rising around 1%
apiece. USD/JPY's rally confirmed a comfortable break back above the 50-dma at
Y112.98.
-After posting firm gains in the European morning, AUD outperformance faded
throughout the Monday session as recovery rallies in commodities remained
shallow and as WTO figures suggested global goods trade will lose further
momentum in Q4 this year. AUD/USD looks to close near the day's lows at writing.
-Other G10 FX is largely directionless, with the major pairs holding well within
recent ranges. Commodity and equity volatility appears to have abated somewhat,
helping underpin sentiment in high beta FX.
-New Zealand trade balance numbers take focus Tuesday, with US consumer
confidence numbers also due. Central bank speaker highlights include Fed's
Clarida, Bostic, Evans and George and ECB's Nouy, Costa and Mersch.

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