*Asia equities soft on overnight trade headlines
*FX ranges tight awaiting US-China trade talks
*Gold steadies above US$1,500
- There wasn't much to rave about in G10 FX with ranges compact throughout the Asia session, despite what were some decent moves in overnight NY.
- AUDUSD crept higher +0.1% and stayed a touch above 0.673. Westpac Consumer sentiment printed -5.5% but drew little response.
- NZDUSD finished +0.16% tracking Aussie's footsteps.
- USDJPY consolidated around 107.1-2 for most the session.
- USDCNH was slightly off -0.2% having spiked to 7.16 last night. With US-China talks due tomorrow, we could see another test of all-time highs.
- Elsewhere, USD was broadly weaker against Asian EMs with USDKRW down -0.1% and USDINR lower -0.15%.
- Asian benchmark indices tracked lower as the latest US-China headlines weighed.
- ASX spot closed at 6,546, 0.7% lower, led by a major sell-off in Flight Centre (FLT.AX) which tumbled 11.7%. The multi-national travel firm said 1H FY2020 underlying profit was tracking lower against the prior corresponding period.
- Dec Futures were marginally down also -0.02%.
- Nikkei Futures came off -0.8%.
- S&P 500 Futures managed to trade flat for most of the day.
- Bonds were also quiet with yields largely unchanged.
- US10y yields ended flat.
- AUS10y yields were choppy but stayed tight, up +1bps. Short-term Aussie rates are implying a 55% probability that the RBA cuts in early November.
- Brent Crude tracked lower -0.2%.
- Gold spot was up +0.1% supported by the pessimistic tone ahead of US-China talks.
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