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FOREX: G10 FX activity picked up in the second half of the Asia-Pac session
after a very ltd start. The catalyst was a SCMP source piece 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." As mentioned
elsewhere, while the SCMP piece revealed little new (very similar to a BBG
sources piece earlier this week), the market reaction reiterates the relatively
pessimistic expectations heading into the G20 summit. Safe haven CHF & JPY
underperformed, with USD/JPY breaking above Y108.00, after a source highlighted
non-Japanese demand through Y107.95, with G!) FX ranges relatively restrained
elsewhere. AUD/USD has been capped by the psychological $0.7000 level, while NZD
showed little in the way of lasting reaction to a softer NZ ANZ business
- The yuan befitted from the SCMP source piece and a modest uptick in Chinese
industrial profit data, but USD/CNH & USD/CNY ranges were tight.
- Focus today moves to state & national German CPI data, the third U.S. Q1 GDP
reading, various EZ confidence metrics and an address from ECB's Nowotny.