The kiwi surged as the RBNZ unexpectedly......>

FOREX: The kiwi surged as the RBNZ unexpectedly left its OCR on hold and

communicated no sense of urgency to bring interest rates lower, while retaining

readiness to ease policy if needed. The MPC took a unanimous decision, judging

that the economic developments since August did not warrant a rate cut. The OCR

profile in the RBNZ's MPS was a little more front loaded, in terms of easing,

than its August contemporary, but the trough wasn't any lower.

- Other high-beta currencies fared worse, as risk sentiment was dented by

flaring tensions in Hong Kong and uncertainty around U.S.-China trade talks,

which U.S. Pres Trump's speech failed to clear. CAD was the worst G10 performer

& CHF lagged only NZD. JPY shed a modicum of strength shown into the Tokyo fix

and continued to soften despite lack of apparent drivers.

- KRW led declines in Asian FX amid a broader aversion toward riskier assets.

Elsewhere, South Korean unemployment ticked higher but matched expectations.

- Focus turns to EZ industrial output, inflation data from the UK, as well as

U.S. German and Swedish CPIs. Later in the day we will hear from Fed Chair

Powell, his Fed colleague Kashkari and Riksbank's Floden.