AUD/NZD rallied overnight, hitting............>

FOREX: AUD/NZD rallied overnight, hitting resistance at its 21-DMA. AUD was

bolstered by an upbeat Australian CPI report, with stronger than expected

headline readings for Q2 CPI on a Y/Y & Q/Q basis, with the Y/Y trimmed mean

print also topping exp. Meanwhile, NZD took a hit from a softening NZ business

sentiment revealed by the latest ANZ survey. The data drew attention as the

Antipodean central banks hold their respective meetings as soon as next week.

- CAD gained some ground as oil extended yesterday's gains. NOK failed to

capitalise on firmer crude and remained fairly weak after posting a leg lower

vs. all of its G10 peers in early trade. There were no apparent drivers behind

the move, but a source suggested that a stop loss trigger in EUR/NOK at

yesterday's high & an early sell-off in NOK/JPY may have done the job.

- There was little reaction to China's off'l PMI data. Elsewhere, top trade reps

from China and the U.S. hold trade talks after a multi-month hiatus.

- All eyes are on the FOMC policy decision. The European data docket features EZ

CPI, GDP & unemployment, German retail sales & unemployment, Italian CPI & GDP,

Spanish GDP & French CPI. U.S. ADP employment & MNI Chicago PMI are also due.