Risk-off hedge trades were largely unwound....>

FOREX: Risk-off hedge trades were largely unwound during the Asia-Pacific

region, after the weekend passed without any provocations from North Korea and

Hurricane Irma was less destructive than at first feared, leaving the greenback

better bid against many of its peers. Dollar-yen gapped higher from the New York

close and raced to Y108.49 before stalling, dips were limited to just under

Y108.20, another round of buying then saw domestic offers taken out around

Y108.50, the dollar then stalled just ahead of technical resistance at Y108.60

and was last at Y108.42. Aussie-dollar raced higher to $0.8073 on Aussie-yen

demand, broad-based dollar strength then took hold to send the Aussie to

$0.8033, last at $0.8047. Kiwi-dollar followed a similar path to its Tasman

neighbour, rising initially to $0.7287 on Kiwi-yen demand, before easing to

$0.7225 on dollar demand and a downgrade of inflation and growth forecasts from

NZIER. Meanwhile, Euro-dollar trades at $1.2016 and Cable at $1.3185, after

trading in respective ranges of $1.1999 to $1.2036 and $1.3174 to $1.3199.