Asia-Pac equity mkts took their cue from......>

FOREX: Asia-Pac equity mkts took their cue from Wall St. & plunged in early

trade, with circuit breakers triggered repeatedly. That said, a dynamic recovery

in S&P/ASX 200 spilled over and brought risk some relief. Hard to point to any

particular driver behind this recovery, with some passing around a report re:

work into a cure for coronavirus (not very convincing). Antipodean FX had been

already well bid, with talk of a liquidity squeeze pushing AUD & NZD higher. JPY

lagged its G10 peers, with USD/JPY having a look above Y106.00. Sterling was

also offered and heads towards the London session as the second-worst performer.

- USD/CNH climbed early on, but flipped to the red as China's NDRC pledged

measures to boost consumption. The rate then extended losses past CNH7.0.

Broader USD/Asia unwound some earlier gains in tandem, following earlier surges.

IDR was the worst currency in the region, hitting a 16-month high vs. USD.

USD/KRW surged to best levels since Mar 2016, with South Korean authorities

reportedly selling the greenback after an unnamed MoF off'l revealed potential

for stepping in. USD/INR showed at a record high before pulling back.

- U.S. U. of Mich. Survey, German CPI (f) & Swedish unemployment are due today.