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Equities Extend Recovery, Nears Friday High


April Trade Deficit Widens

FOREX: The RBA's SoMP affirmed Gov Lowe's earlier statement that the risk to the
outlook for interest rates is now more balanced and trimmed its GDP growth exp.
across its forecast horizon (aggressively over the immediate term), marking its
consumption outlook lower at the same time, which sent AUD to the bottom of the
G10 pile. AUD weakness spilled over into NZD. 
- JPY has outperformed, aided by risk-off flows, with the Nikkei 225 last
trading ~1.4% lower. 
- FOMC dovish voter Bullard spoke overnight, stating that the Fed does not have
to raise rates, as it is unlikely to meet its inflation target any soon. 
- China remains closed for the last day of the Lunar New Year holidays. 
- Focus today turns to French & Italian industrial outputs, as well as Canadian
labour mkt data. Central bank rhetoric will be provided by Fed's Daly.