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FOREX: A clearly defensive feel has taken hold at the start to the week, as
concerns over the resurgence of the novel coronavirus linger. A number of U.S.
states have seen a pick up in case counts recently, while Beijing locked down
several districts after detecting a new cluster of infections.
- AUD leads commodity FX lower and underperforms in G10 FX space. Escalating
Sino-Australian tensions are adding pressure to the Aussie, with a Global Times'
article suggesting that China might eventually restrict Australian iron ore
exports, if bilateral relations continue to deteriorate.
- A flight to safety has created demand for safe havens. USD/JPY inched higher
initially, but shed gains thereafter and the yen now sits atop the G10 pile.
- USD/KRW picked up a bid and attacked Friday's best levels, amid wider risk
aversion & the weekend's portion of sabre-rattling from North Korea.
- USD/CNH has moved higher, supported by the aforementioned risk-off mix & ahead
of the data dump due out of China at the bottom of the hour.
- China's monthly economic activity indicators, U.S. Empire M'fing, EZ trade
balance, as well as comments from Fed's Daly & Kaplan and Riksbank's Breman.  

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