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The first half of today's Asia-Pac session....>

FOREX
FOREX: The first half of today's Asia-Pac session has seen the G10 crosses
operate within relatively narrow ranges. AUD has marginally underperformed after
Q4 net exports printed at -0.2% Q/Q vs exp. -0.1% and a prior +0.4%, adding to
the series of disappointing Q4 data ahead of the RBA MonPol decision due today &
the release of Q4 GDP due tomorrow.
- USD has modestly outperformed its G10 peers, although DXY is unchanged on the
day.
- The FX space showed muted to no reaction to the speech from Chinese premier
Li, who said that China targets 2019 GDP growth at around 6.0-6.5%, in line with
consensus.
- Focus today turns to the RBA MonPol decision, final Italian GDP, as well as
global services/composite PMI data. The central bank slate includes addresses
from BoE Gov Carney, Riksbank Dep Gov Skingsley and Fed's Rosengren, Kashkari &
Barkin.

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