The first half of today's otherwise...........>

FOREX: The first half of today's otherwise data-light Asia-Pac session has been

headlined by the release of Australian Q4 GDP and a disappointment on that front

pulled AUD to the bottom of the G10 pile. Q/Q printed at +0.2%, with Y/Y +2.3%

vs. MNI Median exp. of +0.3% & +2.5% respectively, while the RBA was looking for

+2.8% Y/Y. AUD weakness has spilled over into NZD to a modest degree. Also worth

mentioning that RBA Gov Lowe spoke in early Asia-Pac hours, noting that "it's

hard to think of a scenario where interest rates would need to go up this year,"

but impact on the FX space was muted.

- Sterling has been relatively weak, weighed on by a RTRS source report

suggesting that Tuesday's UK-EU Brexit talks "didn't go well," confirming

earlier worries.

- JPY has outperformed, as risk appetite has been limited, with the Nikkei 225

last trading ~0.6% lower.

- Focus today turns to U.S. trade balance and ADP employment change, as well as

the BoC MonPol decision. Elsewhere, BoE's Cunliffe & Saunders, as well as Fed's

Williams & Mester will speak. BoJ's Harada is speaking at writing.