An odd spike higher in AUD/USD led............>

FOREX: An odd spike higher in AUD/USD led Antipodean FX higher in an otherwise

very subdued Asia-Pac session. No local headlines seemed to match the timing of

the move, with some pointing to a short squeeze. A surprise bid in AUD occurred

some 40 minutes after preliminary March data revealed the strongest surge in

Australia's retail sales on record, owing to front-loaded purchases ahead of the

then-awaited lockdown. AUD has trimmed the bulk of its gains since, with NZD

tracking it on both swings, but the Antipodean cousins still top the G10 pile.

- Crude was a bit volatile, spurring fluctuations in oil-tied FX. CAD popped

higher in sync with AUD's jump, but then slid alongside NOK as WTI more than

erased its earlier gains and Brent tumbled to multi-year lows.

- JPY fared quite well as regional equity indices generally traded on a softer

footing, taking their cue from a poor session at Wall Street.

- KRW was dented by persistent uncertainty re: Kim Jong Un's health, while IDR

slid as Indonesia warned that budget deficit may widen if crude drops further.

- UK & Canadian inflation data, EZ consumer confidence & comments from ECB's

Rehn headline the data docket today.