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EDH3/SFRH3 Narrower Crosses


Tight Supply Keeps Dips Supported


Pressure Extends

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FOREX: Renewed optimism re: Sino-U.S. trade relations, triggered in the NY/Asia
crossover by a BBG report suggesting that U.S. Pres Trump is increasingly
willing to strike a deal with Beijing to bolster the stock market, set the tone
for today's Asia-Pac session. Risk-on flows dragged JPY to the bottom of the G10
pile & USD/JPY is testing Y109.00 at writing. The Nikkei 225 advanced steadily,
last +~1.3%, while U.S. equities are set to open on the front foot. 
- The Antipodeans outperformed, drawing support from developments re: global
trade, but Aussie's gains were somewhat capped by a soft building approvals
print. AUD/NZD hovers just above the NZ$1.0600 figure as a result. 
- CAD gained alongside oil, with WTI breaking above $50 in early Asia-Pac trade
and staying there since. USD/CAD's bearish momentum continues to gain traction. 
- USD was fragile as the U.S. gov't shutdown standoff continued, but DXY failed
to fall below 95.68, where it bottomed yesterday. 
- FOMC meeting minutes & the BoC rate decision headline today's docket.
Elsewhere, Fed's Bostic, Evans & Rosengren, as well as BoE Gov Carney will
speak. Focus will also fall on the Riksbank's Dec meeting minutes.

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