JPY found itself at the bottom of the G10.....>

FOREX: JPY found itself at the bottom of the G10 pile overnight, as the Nikkei

225 advanced, while local trade balance data showed a wider than exp. deficit

and a larger than exp. decline in exports, owing to shrinking demand from China.

- AUD & NZD struggled vs. most of their G10 peers after a miss for the AU Q4 Q/Q

wage price index, which printed at 0.5% vs. exp. & prev. 0.6%. The Y/Y reading

met consensus at 2.3%, but missed the RBA's exp. of 2.4%. The RBA will be

concerned with wages remaining stagnant despite low unemployment, although it

exp. a gradual uptick in wages to support inflation. AUD drew some support from

a stronger CNH in the wake of the BBG story, released Tues, suggesting that the

U.S. is pressing for a "stable yuan," in the current round of trade talks.

- USD/CNH shed over 200 pips in Asia-Pac hours, extending its late NY leg lower,

with the move spilling over into USD/KRW.

- Weds is headlined by the release of the latest FOMC meeting minutes (the

release will be available online, with the press lockup cancelled due to the

weather conditions in Washington). Elsewhere, focus turns to EZ cons. conf. &

German PPI, while ECB's Praet, Fed's Kaplan & Riksbank's Floden will speak.