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AUSSIE BONDS

*correct* RBA-RBNZ Differences Grow

AUSSIE BONDS

RBA-RBNZ Differences Grow

SGD

Support Level Draws Near For USD/SGD

FOREX

NZD Jumps As Rate Hike Expectations Accelerate

EURO SUMMARY
EURO SUMMARY: Eur/Usd: Asia open $1.1813, range $1.1812-33. Europe open $1.1826,
range $1.1807-37.
* Eur/Usd recovered off a low of $1.1753 Wednesday to $1.1817 on US tax reform
uncertainty.
* Rate dipped to $1.1800 ahead of the close before picking up fresh demand into
the Asian session.
* Rate chewed through offers between $1.1825-30 to a session high of $1.1833.
* Rate eased to $1.1823 ahead of Europe before another round of demand emerged
which took rate to an extended high of $1.1837. 
* Rate drifted lower in Europe, found initial support at $1.1820 then sank
through its Asian low of $1.1812 to $1.1804.   
* ECB policy meeting in focus. Current program of E60bn pm expires in Dec.
* ECB widely expected to reduce to E30bn pm though duration seen key. Widely
expected 9-mos extension.
* Longer than 9-mos/open ended(with dependent language) would be seen Eur
negative.