The greenback has been on the back foot.......>

FOREX: The greenback has been on the back foot against the majors. HR McMaster

stepped down from his role as US national security advisor (in a heavily

telegraphed moved) and has been replaced by John Bolton, who is expected to have

a harder line on matters in Iran. JPY had been running higher before that

announcement as US equity futures continued to come under pressure after the

cash close.

- Market reaction to China's proposed retaliatory tariffs was fairly muted, as

the initial round of proposed counter-tariffs seem somewhat limited.

- The JPY & CHF outperformed as USDJPY consolidated below 105.00, although EUR,

GBP, AUD, NZD & CAD all gained against the greenback.

- USD-EM Asia crosses were broadly higher, with USDTRY punching to a record high

before pulling back, while CNH & CNY operated in a narrow range.