G10 space is in a risk-off mode, with JPY.....>

FOREX: G10 space is in a risk-off mode, with JPY leading gains as regional

equity benchmarks have faltered. Some look at the communique from Japan's Health

Ministry as a potential catalyst, as it pointed to further 41 cases of Wuhan

coronavirus confirmed on the cruise ship docked in Yokohama - a reminder that

the situation continues to escalate. An element of correction of recent hopes

for potential containment may be in play as well. Otherwise, speeches from RBA

Gov Lowe & Fed Vice Chair Quarles drew some attention, but neither did much to

move the needle.

- USD/CNH has crept higher, but still trades well off CNH7.0. USD/KRW has

rallied, the won is the worst performer in Asia. Most of the Asian EMFX basket

have been pressured. PHP has been unfazed as BSP Gov Diokno said that he sees

the next rate cut around mid-2020.

- The focus turns to Chinese trade balance, U.S. NFP report, Canadian jobs data,

Norwegian GDP, as well as German, French & Norwegian industrial outputs. The Fed

releases its semi-annual MonPol report.