-Despite starting the session poorly and......>

FOREX: -Despite starting the session poorly and dropping toward the 100-dma

against the USD, CAD rallied well 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. This squeezed USD/CAD

back through the 50-dma, turning attention to the key 200-dma at C$1.2890.

-NZD/USD extended the recovery from the year's lows printed on Oct8 to eye the

21-dma at 0.6568. A close above opens a move on the 50-dma and a further

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

helped buoy AUD into the close. Q3 CPI numbers will be critical to the recovery,

seen accelerating on both the Q/Q and Y/Y measures.

-The USD index posted lower lows for the fifth consecutive session despite

stabilising US yields, with attention turning to the FOMC minutes due Wednesday.

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

-RBA minutes, NZ CPI, UK jobs numbers, German ZEW survey and US industrial

production are all on tap Tuesday.