Investors have been cautious in the early.....>

FOREX: Investors have been cautious in the early part of today's Asia-Pac

session, ahead of the extended Golden Week holidays in Japan, with price action

across the G10 FX space respecting familiar ranges. A softer open for the Nikkei

225 has provided the impetus needed to lift JPY atop the G10 pile. Elsewhere,

Japanese economic data sent mixed signals, as industrial output and labour mkt

data missed forecasts, while Tokyo CPI and retail sales topped expectations.

- NZD has been relatively firm after RBNZ Gov Orr said that he is not

"particularly worried" about slowing NZ growth, pointing to strong NZ labour

mkt, fiscal situation and terms of trade. Nonetheless, Orr also noted that the

RBNZ has some room for rate cuts, which has likely limited NZD's gains. On the

data front, NZ trade surplus reached an eight-year high, widening to NZ$922mn

from the prior NZ$12mn.

- U.S. GDP & U. of Mich. sentiment, French consumer confidence and Swedish

retail sales take focus today. ECB's Rehn is the sole central bank speaker.