G10 crosses meandered in Asia as market.......>

FOREX: G10 crosses meandered in Asia as market holidays in China and Taiwan (HK

was back to business today) helped keep activity limited. There was little to

rock the boat in the way of fresh headlines, with G10 FX happy to hold tight

ranges. NZD outperformed at the margin, with NZ Tsy lowering their forecast of

this year's unemployment peak to 9% from 10%. AUD/USD failed to materially

benefit from the news that Bain Capital has been chosen as the preferred bidder

for the collapsed Virgin Australia. JPY was unfazed by comments from BoJ's

Kuroda & Adachi (nothing to shock there) and in-line Tokyo CPI. USD brings up

the rear in the G10 basket as we head for the London session.

- KRW reopened on a firmer footing and managed to hold onto those initial gains,

with USD/KRW falling through Jun 24 low of KRW1,198.95 and threatening to attack

the 200-DMA. South Korea's consumer confidence improved to 81.8 from 77.6.

- PHP firmed up despite yesterday's surprise 50bp rate cut delivered by the BSP.

- U.S. U. of Mich. Survey and personal income/spending, Swedish PPI and retail

sales, as well as French and Italian sentiment gauges take focus today.