Early Asia-Pac trade has been very subdued....>

FOREX: Early Asia-Pac trade has been very subdued so far, with little to report

on the news and data fronts, as participants brace themselves for the release of

the minutes from RBA's June monetary policy meeting at 02:30BST/11:30AEST.

- AUD has softened a tad, but is generally range-bound, even as CBA said that

they now expect the RBA to cut its cash rate twice this year, at the Aug & Nov

meetings. Elsewhere, RBA's Kearns said that Australia's mortgage arrears have

risen to 2010 highs, but "by no means to a level that poses a risk to financial

stability."

- NZD has ignored the release of Westpac Consumer Confidence Index, which fell

to 103.5 from 103.8 in Q2.

- Focus later today turns to German ZEW survey, EZ CPI & trade balance, as well

as U.S. housing starts & building permits. Elsewhere, ECB Pres Draghi, BoE Gov

Carney & EU Commission Pres Juncker attend the annual ECB Forum, while Riksbank

releases its Biz. Survey today. Also of note is the second round of Tory

leadership voting in the UK.