The earlier moves unwound somewhat but........>

FOREX: The earlier moves unwound somewhat but commodity-tied currencies, save

for NZD, are heading towards the London session on the back foot. They were hit

by a round of risk-off flows which emerged as U.S. President Trump signed the

Hong Kong bill into law, provoking Beijing to reiterate retaliation threats.

China didn't specify the scope and nature of potential countermeasures and most

analysts do not expect the aforementioned HK legislation to derail trade talks.

- A solid improvement in ANZ business confidence survey out of New Zealand came

to the kiwi's rescue, while also modestly propping up AUD. ASB trimmed their

RBNZ easing call to one more cut in May 2020 post-release. However, softer than

expected Australian private capex data again pulled the rug from beneath AUD.

- GBP shed gains registered into the open as the much awaited YouGov election

poll anticipated a comfortable Tory majority in the next parliament.

- CNH & KRW declined under pressure from the Hong Kong bill situation.

- Looking into the calendar, German regional and national CPIs, EZ consumer/biz.

confidence & Swedish retail sales are due today. Speeches are scheduled from

ECB's de Cos, Coeure & Lane. The U.S. celebrates Thanksgiving.