JPY sits at the bottom of the G10 pile amid...>

FOREX: JPY sits at the bottom of the G10 pile amid a modest recovery in risk

appetite, although no specific headline seems to be the driver. U.S. equity

index futures have edged higher, while core FI futures have ebbed off highs,

even as the Nikkei 225 opened on the back foot after Japan's long weekend.

- No AUD reaction has been noted to a speech from RBA Asst Gov Kent, who said

that recent cuts to the cash rate are working their way through the economy. In

the Q&A he noted that RBA members focus on inflation rather than unemployment,

adding that the need for employing unconventional policy tools in future is

limited, but possible. AUD outperforms its G10 peers at the margin.

- That being said, price action across the G10 FX space has been rather subdued.

- Australian NAB biz. conf., German ZEW survey & CPI, U.S. CPI and UK labour mkt

report take focus from here. Central bank speaker slate remains empty.