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FOREX: Australian Q3 CPI came in below forecast expectations (though stronger
than Q2) prompted Aud sales across the board. Aud/Jpy sales countered any
Goto-bi day lift in Usd/Jpy at the Tokyo fix. Aud/Usd pressed down to $0.7718 in
Asia, $0.7708 in Europe. Usd/Jpy recovered but continued to meet stiff headwind
resistance into Y114.00, traders aware Y114.00 holds strike of an expiring
option at today's NY cut, $2.14bn. Eur/Usd remained sidelined in Asia and into
Europe, trade contained within $1.1753/70 with topside challenged twice in
Europe (Germany Ifo react and cable react rally) but held. Thursday ECB meeting
in focus. Sterling was on the defensive ahead of UK GDP release, position
adjustments taking cable down to an extended pullback low of $1.3110, while
Eur/Gbp retested Tuesday's high of Gbp0.89735. Better than expected headline
GDP, 0.4%QQ vs forecast 0.3%QQ boosted sterling across the board, took Eur/Gbp
down to Gbp0.8935 while cable spiked up to $1.3171. This data has also increased
speculation that next week's BOE MPC meeting will produce a 25bp rate hike,
though vote split seen critical for rate path.