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Volumes remain light as FX pairs..............>

FOREX
FOREX: Volumes remain light as FX pairs consolidate in narrow range trade.
- Usd/Jpy edged higher overnight to Y106.87 following additional easing comments
from BoJ dove Kataoka. Further remarks from Governor Kuroda & PM Abe reiterating
their commitment to ultra loose monetary policy failed to extend gains and the
pair drifted to Y106.70/75. The quiet theme spilled over into Europe with
Usd/Jpy held to a narrow Y106.70-90 range.
- A mixed batch of European mfg PMI's with beats for Spain/Germany/EU and misses
for Italy/France saw very little market react as traders reported of decent two
way flow with leverage/bank demand countered by retail sellers. Eur/Usd
eventually did break to the downside printing lows of $1.2180.
- Marginally stronger-than-expected UK mfg PMI (55.2 vs exp 50.0) lifted Gbp/Usd
to react highs of $1.3764, but the pair was unable to maintain gains and later
drifted with Eur/Usd to $1.3728.
- Having traded through the 100 & 200-dma's, Aud/Usd continued heavy into Europe
with a move to $0.7713. Uncertainty remains whether President Trump will impose
tariffs on steel and aluminium which could further pressure the $0.77 handle.

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