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G10 FX price action was subdued overnight,....>

FOREX
FOREX: G10 FX price action was subdued overnight, as modest risk on flows
weighed on JPY, with both regional stocks & U.S. equity index futures ticking
higher. USD/JPY peaked at Y113.50 before edging back (possibly aided by BBG
reports of Nissan repatriating equiv. of $1.1bn from China). 
- GBP/USD has consolidated above $1.2600 in light of UK PM May's victory in the
Tory party leadership contest, although GBP has marginally underperformed. 
- Sino-Canadian tensions limited CAD, with USD/CAD 10 or so pips higher. 
- The Antipodeans were supported by signals of progress in U.S.-China trade
relations, with AUD topping the G10 pile. AUD/USD stalled at its 100-DMA/broken
trendline at $0.7229/34. NZD was pressured early on, following the NZ Tsy's
HYEFU, which provided narrower budget surplus estimates, while the Tsy's growth
forecast was trimmed from 3.8% to 2.9%. 
- All eyes are on MonPol decisions Thursday, with the ECB, Norges Bank & SNB set
to deliver their final decisions of 2018. Elsewhere, UK PM May is heading to
Brussels, hoping to re-open negotiations on her Brexit deal, with the EU only
set to offer "assurances" re: the current deal.

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