AUD rallied overnight, lifted by a stronger...>

FOREX: AUD rallied overnight, lifted by a stronger than exp. headline AU Q4 CPI

print, which printed at 1.8% Y/Y vs. exp. 1.7%. Underlying inflation measures

hover around the RBA's assumption for Dec 2018 (+1.75% Y/Y), with weighted

median at +1.7% and trimmed mean at +1.8%, still shy of the Bank's 2-3% target

range. AUD was also supported by Dalian iron ore futures going limit up in early

trade & broader yuan strength, with USD/CNH falling back below its 200-DMA at

CNH6.7515. NZD initially struggled on AUD/NZD flows, but still gained vs. USD. 

- Most GBP crosses edged higher, but held near yesterday's post-voting levels,

well shy of recent GBP highs. British lawmakers rejected the proposal to extend

art. 50, but agreed to replace the Irish backstop with "alternative

arrangements" and ruled out a no-deal Brexit in a series of advisory amendments.

- JPY traded mixed, as the Nikkei 225 posted losses, while U.S. equity futures

stayed in the green in the wake of Apple's earnings report.

- The main event of today is the FOMC MonPol decision/press conference by Fed

Chair Powell. Elsewhere, focus turns to German CPI, French GDP & U.S. ADP, as

well as the Sino-U.S. trade summit in Washington.