Risk off flows have been the predominant......>

FOREX: Risk off flows have been the predominant theme in FX over the last hour

or so, with the AUD & NZD underperforming among G10 FX & JPY at the top of the

pile.

- Some 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, however. Export orders declined at the fastest pace in >2 years, while

total demand picked up only modestly. Confidence also continued to fall, a 7th

straight month in which this has now occurred. The prospects heading into 2019

ahead of the sales tax hike still appear skewed to the downside."

- Some have pointed to other matters including the RBNZ consulting on a proposal

to almost double bank capital requirements (doesn't really line up with broader

risk off flows), with others pointing to a re-hashed story re: Trump and hush

money discussions (although this hit in Wall St. hours).

- Chinese data due at the top of the hour includes retail sales & industrial

production for November. These releases could set the tone for the remainder of

the session.