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Tokyo equity open brought some modest.........>

FOREX
FOREX: Tokyo equity open brought some modest risk-off flows, which have put a
bid into JPY. The Nikkei 225 started on the back foot and last trades ~0.6%
lower, as yesterday's enthusiasm, triggered by reports stating that U.S.
President Trump considers delaying fresh auto tariffs, has failed to carry over
into the Asia-Pac session.
- The Antipodeans have underperformed at the margin, but AUD has failed to
breach yesterday's multi-month low as of yet. Focus remains on the key
Australian labour market report, due to come out at 0230BST/1130AEST.
- That being said, price action has been relatively subdued thus far.
- After the aforementioned Australian data, U.S. housing starts/building permits
& Italian CPI. Central bank rhetoric will be provided by RBA's Bullock, ECB's
Praet, Weidmann, de Guindos & Coeure, Riksbank's Ingves & Floden, BoE's Haskel,
as well as Fed's Quarles, Kashkari & Brainard.

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