Markets tread water ahead of further..........>

FOREX: Markets tread water ahead of further Fedspeak

-Speeches from both voters and non-voters were the highlight of the session

Wednesday, a theme underlined by the FOMC minutes reiterating the new emphasis

on the flexibility of Fed policy in the face of economic risks. That's expected

to remain the case Thursday, with a further six Fed appearances today including

the Chair Powell at 1700GMT. While no text is scheduled to be released, the Q&A

session is bound to challenge the latest dovish turn from the Fed under his

tenure.

-AUD is modestly the best performer in Europe as commodities largely hold recent

gains and as bulls continue to jostle for a close above the 50- and 100-dmas at

$0.7188 and $0.7178 respectively. JPY isn't far behind, with consolidation in

equity markets briefly helping tip USD/JPY back below the Y108 handle - although

this has been reclaimed ahead of the NY crossover.

-Fedspeak is due throughout the day, with data highlights including weekly US

jobless claims and Canadian house prices and building permits data. ECB minutes

from their December meeting cross at 1230GMT.