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Friday's upbeat U.S. jobs data sent a.........>

FOREX
FOREX: Friday's upbeat U.S. jobs data sent a risk-on impulse, which reverberated
in this week's first Asia session. Safe haven FX struggled, even as the initial
appetite for riskier assets moderated. JPY pared earlier gains, leaving USD &
CHF at the bottom of the G10 pile. Japan released final Q1 GDP data, revised to
indicate a smaller contraction than showed by flash readings, in line with exp.
- Over the weekend, OPEC+ struck a deal to extend output cuts by one month,
which was followed by a considerable hike in crude prices by Saudi Arabia.
Firmer crude lent support to commodity FX, with NOK & NZD holding gains. CAD
shook off earlier strength as WTI prices pulled back. 
- NZD looked past PM Ardern's announcement of the removal of most lockdown
restrictions. Meanwhile, liquidity in AUD crosses was ltd by a local holiday.
- GBP firmed up amid reports that PM Johnson will unveil plans for further
economic re-opening & "rebuilding Britain" after the coronavirus crisis.
- The yuan lost ground despite USD weakness. China released a record-high trade
surplus on Sunday as imports tumbled & exports shrank less than exp.
- Focus turns to German industrial output and comments from ECB Pres Lagarde.

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