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AUD & NZD have been relatively weak vs........>

FOREX
FOREX: AUD & NZD have been relatively weak vs. their G10 peers after a modest
miss for the AU Q4 Q/Q wage price index, which printed at 0.5% vs. exp. & prev.
0.6%. The Y/Y reading met consensus at 2.3%, but missed the RBA's exp. of 2.4%.
- JPY has fallen to the bottom of the G10 pile, with the Nikkei 225 adding ~0.6%
thus far, while Japanese trade balance data showed a wider than exp. deficit.
- GBP showed little reaction to comments from C'llr Hammond, who said that the
EU "will not consider replacing the backstop." Also worth noting that the
Telegraph reported that UK PM May is "considering plans to bring forward a vote
on her Brexit deal to next week to see off the threat of resignations by pro-EU
ministers."
- USD/CNH continues to trade lower in the wake of the BBG story which suggested
that the U.S. is pressing for a "stable yuan," in the current round of trade
talks. Yuan strength has also spilled over into USD/KRW.
- Wednesday is headlined by the release of the latest FOMC meeting minutes.
Elsewhere, focus will fall on EZ consumer confidence & German PPI, while ECB's
Praet, Fed's Kaplan & Riksbank's Dep Gov Floden are due to speak.

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