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FOREX: Trade to and fro roils sentiment
-Duelling (and sometimes confusing) headlines on the viability of a US-China
trade pact. Bloomberg reported that the two countries had tied the rollback of
tariffs to the proposals made in May, making the previous agreement a benchmark
of sorts on which to come to an agreement. This initially appeared positive, but
any hope was quickly reversed as Trump clarified that if the US doesn't make a
deal with China, he will just raise levies ever further.
-Elsewhere, AUD traded well with some focus paid to the latest piece from RBA
watcher Terry McCrann. McCrann argued that the minutes release overnight was not
an indication that the RBA will cut rates further in December. This helped
support the AUD somewhat, forcing markets to partially wind back the implied
probability of a 25bps cut in December back below 25%. AUD/USD rallied to touch
$0.6835 before consolidating.
-Canadian inflation numbers for October are the data highlight Wednesday. FOMC
minutes are also due for release. Speeches are scheduled from ECB's Makhlouf,
Rehn and Lane.