Eyes on Osaka as market focus turns to G20....>

FOREX: Eyes on Osaka as market focus turns to G20 meeting

-Markets look relatively neutral on an intraday basis headed into NY crossover,

with most major pairs respecting the recent range ahead of the formal beginning

of the G20 summit in Osaka, Japan on Friday. USD/JPY has, however, been

recovering well, extending the rally from the Y106.78 cycle lows to touch

Y108.16 this morning. Some attention was paid to a piece in China's SCMP, which

noted that "the U.S. and China have tentatively agreed to another truce in their

trade war in order to resume talks aimed at resolving the dispute".

-The majority of German state CPIs published this morning have been to the

upside of market expectations for the pan-German y/y rate due later today, seen

at 1.4%. The data has helped EUR erase modest overnight losses against the USD,

heading into the NY crossover flat and still below yesterday's highs. Slightly

firmer equities across core Europe have also helped buoy AUD, allowing AUD/USD

to extends its recent rally after yesterday's close north of the 50-DMA.

-Focus turns to Germany's national CPI figure, the final reading for Q1 US GDP

and weekly jobless claims data. ECB's Nowotny is also scheduled to speak.