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FOREX: USD consolidated higher in Asia, post-Fed, with most still looking for a
Fed hike in Dec. DXY trades ~0.4% off its cycle highs.
- JPY outperformed overnight, benefitting from the downtick in risk sentiment,
which allowed USD/JPY to move back < Y114.00 after its close above.
- Elsewhere AUD struggled in the wake of the release of the RBA's latest SoMP,
which saw it leave its '20 inflation exp. unch. at 2.25%, after the Bank noted
that "the central scenario is for inflation to be 2.25% in '19 & a bit higher in
the following year" back on Tues (the "a bit" language was in the statement
today, but the central exp. remained unch.), modest changes across the GDP exp.
were apparent, with the longer run unemp. exp. nudged down to 4.75% as expected.
The RBA re-affirmed it sees no need for a near-term rate hike, although it
signalled increasing employment could fuel domestic inflation down the line.
- USD/CAD legged to fresh session highs on the back of BBG reports noting that
the Keystone XL pipeline project has been blocked by the U.S. federal gov't.
- Focus moves to UK trade bal, production & GDP, with Fed's Williams, Harker &
Quarles also due on Friday.