A steady improvement in risk appetite drove...>

FOREX: A steady improvement in risk appetite drove G10 price action overnight,

with eyes on a continued unwinding of Covid-19 restrictions, rather than any

specific headline catalyst or data release. Commodity FX firmed up, with the

Antipodeans topping the G10 scoreboard, while JPY & USD landed at the bottom of

the pile. USD/JPY crept higher, but failed at its 50-DMA.

- USD/CNH dipped under yesterday's low amid broader risk-on flows, briefly

extending losses after a stronger than expected PBoC fix.

- USD/SGD fluctuated around the release of firmer than expected Singapore's

final Q1 GDP, before slipping on the back of a wider risk-on tide. The gov't

lowered its GDP target for this year, while the MAS forecast a further

deterioration in labour mkt conditions.

- Firmer sentiment helped KRW lead gains in Asia, with local consumer confidence

index staging a recoil to 77.6 from an 11-year low of 70.8.

- U.S. Cons. Conf. (Conf. Board) & new home sales, German GfK Cons. Conf. and

comments from Fed's Kashkari, BoC's Poloz & Wilkins, BoE's Haldane, ECB's Lane,

Norges Bank's Wolden Bache & Riksbank's Ingves take focus today.