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It was a relatively subdued session for the...>

FOREX: It was a relatively subdued session for the space. There was pressure on
the JPY crosses after the Tokyo fix with some attributing the modest risk off
flows to a BBG report of China dispelling a U.S. vessel near the South China
Sea, however, our sources highlighted JPY hedging out of Tokyo as a factor
weighing on the JPY crosses. USD/JPY unch. at ~Y113.95 last.
- NZD/USD remains lower on the day, but trades back above $0.6600 after being
pressured by the soft NZIER quarterly business opinion survey in early dealing.
The rate failed to challenge support at the 19 September low ($0.6573). AUD/NZD
had a brief look above its 50-DMA (NZ$1.0946).
- AUD/USD stuck to a tight range ahead of the upcoming RBA MonPol decision. All
of those surveyed expect the Bank to leave the cash rate unchanged at 1.5%, so
focus will quickly shift to the rhetoric employed in the accompanying statement
where the RBA should maintain its glass half full approach.
- GBP was immune to the latest round of Brexit headlines.
- Focus Tuesday falls on the RBA rate decision and speeches from BoE's Haldane &
Haskel, as well as Fed's Powell, Quarles & Kaplan.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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