Risk recovers into the close, but ranges......>

FOREX: Risk recovers into the close, but ranges respected

-For another session, there was very little data or central bank speak to nudge

the needle in either direction, allowing traders to keep focus on the larger

themes - namely Brexit and the state of global trade. GBP had a quieter session

compared the past few trading days, with a General Election looking more and

more likely by Christmas.

-Risk appetite was largely muted across the European morning, but this reversed

during NY hours, with US equity futures bouncing nicely to underpin the USD/JPY

recovery. The pair rose back well above Y108.50 before struggling to make any

headway above the Tuesday high at Y108.73. This pattern was echoed in USD/CNH,

which came under pressure throughout the day despite a better session for the

USD index.

-Global prelim PMIs, September US durable goods orders, weekly jobless claims

and new home sales data are due. Central banks will likely take the limelight

though, with Riksbank, Norges Bank and ECB decisions all due Thursday. The ECB

meeting will be Draghi's last.