AUD was the outperformer overnight, as the....>

FOREX: AUD was the outperformer overnight, as the stronger than exp. AU GDP data

pushed AUD/USD to a high of $0.7218. The pair failed to mount a serious test of

option expiry linked resistance at $0.7225 & Tuesday's session high ($0.7235),

with the breakdown of the GDP print revealing that growth was driven mainly by

households, although sustainability is in doubt given the dip into savings to

support expenditure amid slowing income growth. AUD/USD last trades at ~$0.7190.

- The USD experienced a modest bout of weakness on the back of a slightly firmer

than exp. USD/CNY fix from the PBOC.

- JPY was the underperformer amongst the majors, with demand for the JPY crosses

apparent around the Tokyo fix on the first Gotobi daty of the month.

- Focus Wednesday turns to global Services & Composite PMIs, the BOC MonPol

decision & Fedspeak from non-voters Bullard & Kashkari.