Price action across the G10 FX space has......>

FOREX: Price action across the G10 FX space has been particularly subdued,

amidst relative dearth of headlines or data releases. The greenback outperforms

its G10 peers at the margin, with NOK sitting at the bottom of the pile.

- JPY has been pressured by a move higher in the Nikkei 225.

- USD/TRY spiked ~400 pips on the back of comments from the White House noting

that "the U.S. is terminating turkey's preferential trade treatment under GSP

effective on Friday." The rate quickly drifted off of highs, as the U.S.

announced a reduction of tariffs on Turkish steel imports to 25% from 50%.

- USD/CNH yet again touched a fresh YTD high before easing off. The upswing was

capped at December's best levels.

- Muted reaction was noted to the latest NZ data. BusinessNZ m'fing PMI edged

higher, while PPI moved into negative territory.

- Focus today turns to EZ CPI & construction output, as well as U.S. leading

index & U. of Mich. Sentiment. Fed's Williams & Clarida will provide some

central bank rhetoric.