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FOREX: It was a quiet end to the quarter for Asia-Pacific FX trade after the DXY
managed to close above its 100-DMA for the first time since Dec '17 on Thursday.
- JPY crosses continued to edge higher, as the Nikkei 225 lodged strong gains.
USD/JPY managed a fresh YTD high (Y113.63), with the Dec 12 2017 high (Y113.75)
providing the next level of resistance.
- Big figures ltd. the Antipodeans, ($0.7200 for AUD/USD & $0.6600 for NZD/USD).
In NZD/USD there is a ~NZ$1.3bn $0.6600 option expiry at Friday's 10AM NY cut.
- BOC Gov. Poloz offered little new, as he reiterated the Bank's data dependant
stance & need for continued, gradual rate hikes. Poloz attributed the recent
inflation uptick to temporary factors, although he did highlight inflation risks
surrounding NAFTA worries. CAD was the marginal outperformer within the majors.
- EUR came under modest pressure late Thurs after the draft Italian budget
presented a 2.4% deficit/GDP ratio, calling into question economy minister
Tria's credibility as structural deficit pressure continues to plague Italy.
- German unemp., EZ CPI, CA GDP, U.S. PCE & MNI Chicago PMI headline Friday,
alongside speeches from Fed's Barkin & Williams, BoE's Ramsden & ECB's Praet.