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Risk off flows dominated the G10 FX space.....>

FOREX
FOREX: Risk off flows dominated the G10 FX space overnight, allowing the yen to
register gains across the board, while pushing the Antipodeans to the lower end
of the G10 pile, with NZD/USD breaking below the $0.6800 level. Softer than exp.
Chinese activity data added additional pressure to risk sentiment. 
- Some have pointed to the RBNZ consulting on a proposal to almost double bank
capital requirements & a re-hashed story re: Trump & hush money discussions as
potential risk factors, but their respective timings don't quite line up with
price action. Others pointed to the breakdown of the latest Nikkei manufacturing
PMI out of Japan, which noted that the "survey does bring some cautious
undertones to the fore." 
- CAD came under modest pressure as WTI ticked lower after yesterday's jump. 
- Focus today turns to flash Dec PMIs from across the EZ, as well as retail
sales and industrial output figures from the U.S. Elsewhere, the day is rich in
ECB speak.

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