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FOREX: Currency markets in Asia mostly consolidated ahead of key economic data
and central bank meetings, news that Democrat Doug Jones had defeated Republican
Roy Moore in Alabama's Senate election caused a brief bout of dollar weakness
before reverting back to range trading. Republicans now hold a 51-49 majority in
the Senate(prior 52-48), which may be a headwind to the passage of the tax bill.
Eur/Usd opened firm in Europe, briefly touched fresh highs of $1.1763 before
quickly paring gains. German CPI came in-line with expectations and saw minimal
react to hold $1.1750-60. Rate later drifted to $1.1738, before encountering
support ahead of the Asia low ($1.1736). Cable remained thin and choppy with
trade held between $1.3312-15 ahead of the UK Labour Report. Short squeeze ahead
of release touched $1.3368, but quickly drifted despite a slight pick-up in
earnings growth. The unemployment rate stayed at 4.3%, some analysts had
expected a fall to 4.2%. Usd/Jpy largely consolidated Y113.32-45 for the balance
of the session. Eur/Jpy drifted with Eur/Usd to Y133.04, before demand ahead of
Y133.00 cushioned falls. Aud/Usd held $0.7556-80 with focus on Australian Labour
Market data tomorrow at 0030GMT.