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Key Support Remains Exposed


Decent SONIA Action Tuesday


Larger FX Option Pipeline

FOREX: It has been a slow start to a busy week, with light risk-on flows
apparent as broader recovery in risk appetite continues. Focus in early Asia-Pac
trade has fallen on mixed signals re: U.S. treatment of Huawei. Seemingly,
however, U.S. President Trump's remark that "we're not going to do business" has
failed to quell optimism inspired by press reports from over the weekend
suggesting that U.S. Commerce Dep't may extend its permission for the Chinese
tech giant to buy supplies from U.S. producers.
- AUD leads gains among the G10 FX at typing, with CHF sitting at the bottom of
the pile, while NZD also struggles somewhat. Most G10 crosses have fluctuated
around neutral levels so far.
- Japanese Jul trade deficit was wider than projected, after a Y589.6bn surplus
registered in Jun. Both exports and imports shrunk, but less than expected. JPY
has shrugged off the release.
- Final EZ CPI provides today's data highlight, with no central bank speeches on
the docket.