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Participants have rushed to safe havens.......>

FOREX
FOREX: Participants have rushed to safe havens after Iran materialised its
retaliation threats and launched missiles at two Iraqi military bases housing
U.S. troops. JPY surged to its best levels vs. USD in five months and clearly
outperforms all G10 peers, closely followed by CHF. Risk-off flows have damaged
commodity-tied FX, with NZD leading losses among the G10 despite the "golden
cross" pattern seen in NZD/USD. AUD has shown little reaction to the improvement
in local building approvals & job vacancies.
- Asian FX have suffered heavy losses amid a flight to safety. USD/CNH has
jumped onto the CNH6.9500 handle but is yet to test the nearby 200-DMA. KRW is
the worst performer in the region, additionally dented by its exposure to rising
oil prices. Infomax cited S. Korean FinMin as pledging to closely monitor FX
markets. The Bank of Indonesia said it seeks to stabilise IDR, per BBG. 
- U.S. ADP employment change, French & EZ consumer confidence data, German
factory orders, Norwegian industrial output and Swedish retail sales take focus
from here. Fed's Brainard and ECB's de Guindos will speak, while the Riksbank
will publish the minutes from its most recent monetary policy meeting.

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