G10 FX continue to trade in a risk-on mode,...>

FOREX: G10 FX continue to trade in a risk-on mode, following a STAT article

pointing to optimistic data re: the administration of an experimental drug for

Covid-19, developed by Gilead Sciences, to patients in Chicago. The publication

noted that the data is anecdotal, but "some of the anecdotes are dramatic". One

might suspect that the announcement of U.S. Pres Trump's plan for re-opening

U.S. economy is supporting risk appetite, but the bulk of it was leaked

yesterday. NOK leads the space higher, with the Antipodeans also well bid. JPY

and USD have been racing to the bottom of the pile.

- The likes of MXN & ZAR have benefitted from firmer risk sentiment.

- Similar dynamics observed in USD/Asia. KRW is the best performer in the

region. South Korean unemployment increased to 3.8% from 3.3% in March (as

expected), per the data released this morning, but the Finance Ministry said

that the gov't is preparing a new employment package to be unveiled next week.

USD/CNH has also lost ground ahead of China's Q1 GDP & monthly activity data.

- Final Japanese industrial output and final EZ CPI will take focus after the

Chinese data. Fed's Bullard & ECB's Rehn are on the central bank speaker slate.