Participants waited for any convincing........>

FOREX: Participants waited for any convincing signal re: U.S.-China trade

situation, but to no avail. AUD is heading towards the London session as the

worst G10 performer after revisions to RBA calls took the wind out of its sails.

Westpac now expect two more cuts from Martin Place next year, which will bring

the cash rate to 0.25% in June and eventually lead to QE in the second half of

2020. RBC released their update just after Westpac, adding one more 25bp cut &

the start of QE in 2021 on top of their prev. forecast of one cut in Feb 2020.

- USD/CNH firmed up as Chinese industrial profits shrunk the most since records

began in 2011. Elsewhere in Asia, USD/KRW pared losses amid talk of foreign

investors selling the local stocks after y'day's rebalancing of MSCI Indexes. An

improvement in S. Korean cons. conf. wasn't enough to keep KRW afloat.

- The greenback outperforms its G10 peers at the margin. U.S. calendar is a bit

front-loaded today ahead of the Thanksgiving holiday, includes domestic GDP,

durable goods, personal income/spending and MNI Chicago PMI. 

- French and Italian sentiment figures are also awaited. ECB's Lane is set to

speak, while YouGov will publish their MRP election poll.