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China and Hong Kong are off to celebrate......>

FOREX
FOREX: China and Hong Kong are off to celebrate the 70th birthday of the
People's Republic, which limits liquidity and results in FX price action being
very subdued so far. AUD outperforms its G10 peers at the margin ahead of the
RBA monetary policy decision after upticks were seen in Aussie CoreLogic House
Price Index, as well as AiG & CBA m'fing PMI readings.
- A disappointing CPI print in South Korea has weighed on KRW from the off;
annual inflation dropped for the first time on record, prompting the BoK to
issue some reassuring comments. The country's trade surplus proved wider than
expected, but was underpinned by shrinking imports and exports.
- The latest BoJ Tankan survey pointed to a drop in biz. sentiment accompanied
by solid capex. Average USD/JPY rate assumed by major manufacturers for FY2019
was Y108.68 vs. Y109.35 in June.
- Today's data highlights include a series of m'fing PMI numbers from across the
globe, EZ CPI and Canadian GDP. Comments are awaited from Fed's Clarida, Evans
and Bowman, as well as ECB's Draghi, Lane, Holtzmann and Weidmann, not to
mention a post-MonPol presser with RBA Gov Lowe.

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