The USD was softer against the bulk of its....>

FOREX: The USD was softer against the bulk of its major counterparts, with the

JPY proving to be the only notable exception to the rule. JPY crosses were

driven higher by AUDJPY demand that was attributed to Japanese banks, with the

AUD outperforming as a result. USDJPY last traded at 104.90, off of the 105.06

highs, while AUDJPY traded at 81.10. Traders may look to the $1.19bln worth of

105.00 option expiries at the 10AM NY cut later today.

- AUDUSD trod higher as a result of AUDJPY demand, last trading 30 points better

off at 0.7730, while NZDUSD neared the 55-DMA at 0.7285, trading 40 pips higher

at 0.7275. The RBNZ's new PTA was formally announced this morning, and confirmed

that the central bank is now expected to contribute to supporting "maximum

sustainable employment" alongside its medium term inflation target. The

committee based decision making that was also expected was formalised and will

go into play in 2019. On the economic docket New Zealand's February trade

balance printed a surprise surplus. Elsewhere EUR, GBP & CAD moved higher

against the greenback, trading in familiar territory, while CHF's gains vs. USD

were more measured. Fedspeak provides the main risk event on Monday.