Despite starting Monday's session poorly......>

FOREX: Despite starting Monday's session poorly CAD rallied hard on the release

of the Bank of Canada's strong business outlook survey, which highlighted many

firms mentioning capacity constraints and a near record level of labour

shortages (it is worth noting that survey was conducted ahead of the USMCA

ratification). This pushed USD/CAD back below its 50-DMA & C$1.3000, turning

attention to the key 200-DMA (C$1.2890).

- NZD/USD extended the recovery from the YtD lows printed on Oct 08 to eye the

21-DMA ($0.6568). A break above would open a move on the 50-DMA ($0.6598) and a

further recovery of the sharp losses posted over the past 2 weeks. NZD strength

also helped buoy AUD into the close.

- The USD index posted lower lows for the 5th straight session despite

stabilising U.S. yields, with attention turning to the FOMC minutes due Weds.

Slightly softer U.S. equities further weighed, continuing the 'Sell U.S.' theme.

- RBA minutes, NZ CPI data (as well as the RBNZ sectoral inflation model),

Chinese inflation data, UK jobs numbers, German ZEW survey & US industrial

production are all on tap Tuesday.