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FOREX: Positive risk sentiment has carried over into the Asia-Pacific session,
in the wake of yesterday's comments from U.S. Pres Trump, which revived hopes
for a positive resolution of the Sino-U.S. trade spat. As a reminder, Trump said
that he had a "very good" phone conversation with Chinese Pres Xi and the two
will hold an "extended meeting" at next week's G20 summit, which will be
preceded by sherpas' talks.
- Safe haven FX underperforms, with JPY leading losses, while the Nikkei 225 has
rallied ~1.6%. JPY has ignored the release of smaller than exp. trade deficit.
- USD/CNH has extended yesterday's losses, while USD/KRW has opened sharply
lower, as both currencies are buoyed by global trade developments.
- NZD narrowly outperforms its G10 peers after topping the pile yesterday. Wider
than exp. NZ BoP c/a surplus likely lends support ahead of tomorrow's GDP print.
- The main focus today falls on the FOMC MonPol decision, followed by a presser
with Fed Chair Powell. Data-wise, UK inflation data & Swedish unemployment will
provide attention. Also of note are the Tory leadership contest in the UK and
speeches from BoJ's Eto, ECB Pres Draghi & Riksbank Dep Gov Jansson.