JPY hits new cycle high as equities remain....>

FOREX: JPY hits new cycle high as equities remain fragile

-Asia-Pac equity markets generally fell across the Tuesday session, with reports

that the US are playing down expectations for the Trump-Xi meeting at the G20

helping weigh. JPY strength filtered through into the European morning,

resulting in a Y106.78 print, the lowest since the January currency flash crash.

A close near these levels for the pair would be the lowest since April 2018,

running closer to territory where the Japanese finance ministry may be forced to

become more vocal on the currency rate.

-CHF has failed to benefit, however, with markets taking profit on yesterday's

rally to multi-month highs, bidding USD/CHF back above 0.9750. At the other end

of the table, New Zealand trade balance data proved better than expected,

setting the NZD up well ahead of the Wednesday rate decision, where the RBNZ are

seen keeping policy unchanged.

-U.S. conf. board consumer confidence and new home sales take focus today. Also

of note are speeches from ECB's Coeure, as well as Fed's Powell, Williams,

Bostic, Barkin and Bullard.