Guarded rhetoric from the Antipodean..........>

FOREX: Guarded rhetoric from the Antipodean central banks triggered limited AUD

& NZD selloffs, which spilled over into CAD. The minutes from the latest RBA

MonPol meeting revealed that the Board discussed the possibility of a rate cut,

if "inflation did not move any higher & unemployment trended up," although it

did reiterate that there is not a strong case for near-term policy adjustments.

- A RTRS interview with RBNZ Gov Orr applied further pressure to the kiwi, but

AUD remained the worst G10 performer. Orr noted that the Bank's recent easing

bias remains, while adding that NZD is now trading "in a happy space."

- CAD had already been struggling on the back of yesterday's disappointing BoC

Biz. Outlook Survey & political uncertainty re: today's election in the oil-rich

Alberta province, with polls favouring the conservative opposition.

- JPY topped the G10 pile, but a positive showing from regional equities limited

its gains. Japanese Trade Min Motegi said that U.S. and Japanese FinMins already

have an agreement on FX, after he met with U.S. TR Lighthizer for trade talks.

- Focus today turns to the German ZEW survey, UK labour market data & U.S.

industrial output. Elsewhere, ECB's Nowotny and Fed's Kaplan will speak.