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The yen has landed at the bottom of the G10...>

FOREX
FOREX: The yen has landed at the bottom of the G10 pile, weighed on by broader
risk-on flows. Japanese equities have outperformed, with the Nikkei 225 adding
~1.6% thus far. 
- Kiwi has modestly outperformed its G10 peers, after early Asia-Pac hours saw
the expansion of the NZ services sector accelerate in January, with little in
terms of news flow/data releases noted elsewhere. 
- EUR crosses were flat after ECB's Villeroy & Rehn spoke overnight, touching
upon the EZ economic slowdown. Villeroy noted that the EZ econ slowdown is
"significant", which may force the ECB to change its policy guidance if it
proves to be more than temporary, while Rehn said that the Bank "has all of its
instruments available" if the slowdown becomes exacerbated. 
- Worth mentioning G10 crosses have stuck to tight ranges amidst thin holiday
liquidity. Today's economic calendar is particularly light, with U.S. & Canadian
markets closed for national holidays.

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