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FOREX: Yen on the front foot as further storm clouds gather on trade
-After a relatively straight forward Asia-Pacific session, JPY now sits at the
top of the G10 leaderboard ahead of the NY crossover as hopes of a near-term
phase one trade deal between the US and China are dashed further. Headlines
crossed alongside the European open from the editor of China's Global Times, who
wrote that "few Chinese believe that China and the US can reach a deal soon".
His comments also played down the significance of any deal that is eventually
signed between the two. USD/JPY retreated back below the Y108.50 mark and
remains there ahead of the NY open.
-At the other end of the table, NOK is the weakest, with SEK not far behind.
Both commodity and European equity markets are slightly softer, undermining
sentiment for high beta currencies. This has also helped USD/CAD higher, which
slipped above C$1.33 this morning for the first time since mid-October. 
-Canadian inflation is the focus of the data calendar, with speeches from ECB's
Makhlouf, Rehn and Lane also due.