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GoC Curve Continues To Flatten


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FOREX: Month-, quarter-end provide sole price action
-Other than a spell of minor month- and quarter-end currency volatility, it was
generally a quiet Monday, with recent themes and trends carrying over from the
weekend. There was little in terms of news or data to drive risk sentiment in
either direction, keeping focus on the underlying themes.
-A disappointing MNI Chicago PMI release (47.1 vs. Exp. 50.0) proved a temporary
setback for USD/JPY, which sustained a minor rally from the day's lows at
Y107.74 to make a decent test on the Friday high at Y108.18.
-The RBA are seen cutting rates by 25bps at their rate decision Tuesday, ahead
of which AUD/USD is trading in close proximity to $0.6739 support. A break below
here could open the early September and YTD lows at $0.6688 and $0.6677
-Japan's Q3 Tankan survey is due Tuesday, as well as September manufacturing
PMIs for the Eurozone, US and UK, advance Eurozone inflation data and ISM
manufacturing. ECB's Draghi, Weidmann & Lane, Fed's Evans, Clarida & Bowman and
RBA governor Lowe are all on the docket.
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