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G10 NZD crosses cratered on the back of a.....>

FOREX
FOREX: G10 NZD crosses cratered on the back of a dovish turn in rhetoric
surrounding the latest RBNZ MonPol decision. While leaving its OCR unchanged at
1.75%, the RBNZ moved away from its neutral policy stance and said that the more
likely direction of the next rate move is down. Elsewhere, the Bank noted that
"the balance of risks to the outlook has shifted to the downside," amidst soft
domestic biz. sentiment and deteriorating global environment.
- NZD post-RBNZ weakness spilled over into AUD to some degree. RBA's Kent spoke
today, but offered nothing new re: MonPol/economic outlook.
- JPY outperformed from off as the Nikkei 225 has registered losses on the back
of Topix going ex-dividend today. Yen demand observed around the Tokyo fix added
some further weight to JPY crosses.
- Focus today turns to U.S. trade balance, Swedish econ tendency survey,
Norwegian AKU unemployment & indicative Brexit votes in the House of Commons.
Elsewhere, central bank rhetoric will be provided by Riksbank's Ingves, Fed's
George, as well as a fair number of ECB members, including President Draghi.

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