Furtive risk on, but familiar levels..........>

FOREX: Furtive risk on, but familiar levels

-Modestly positive equity markets across Asia-Pac and Europe have helped support

a touch of risk appetite early Wednesday, pressing the JPY and CHF toward the

bottom end of the G10 pile. Nonetheless, ranges remain familiar, with USD/JPY

yet to touch new weekly highs and USD/CNH sitting broadly flat.

-EUR received some minor support on confirmation that the German government are

to abolish the solidarity surcharge for most tax payers, a measure that amounts

to just under 0.2% of GDP. While the move had been broadly trailed in German

press for months, EUR/USD managed to eke out a $1.1106 print on the headline,

just shy of the Tuesday highs.

-Despite generally higher stocks and weaker haven FX, the likes of AUD and NZD

have failed to benefit, with volumes muted and ranges particularly restrained.

-While Fed minutes are the key release of the day, they'll likely remain

overshadowed by the appearance of Fed Chair Powell at Jackson Hole at the end of

this week. Canadian CPI data is also due, seen at 0.2% m/m and 1.7% y/y. Fed's

Kashkari is also due to speak, but after the markets close, at 2330BST/1830ET.